Trust for Professional Managers (APCB) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10401

Trust for Professional Managers

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

(513)-629-8104

Registrant’s telephone number, including area code

Date of fiscal year end: August 31, 2022

Date of reporting period: February 28, 2022

EX.99.CODE ETH

Item 1. Reports to Stockholders.

PMC Funds

PMC Core Fixed Income Fund

Advisor Class Shares: (PMFIX)

Institutional Class Shares: (PMFQX)

PMC Diversified Equity Fund

Advisor Class Shares: (PMDEX)

Institutional Class Shares: (PMDQX)

Semi-Annual Report

February 28, 2022

Table of Contents

LETTER TO SHAREHOLDERS	3
EXPENSE EXAMPLES	7
INVESTMENT HIGHLIGHTS	9
SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND	16
SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND	40
STATEMENTS OF ASSETS AND LIABILITIES	69
STATEMENTS OF OPERATIONS	70
STATEMENTS OF CHANGES IN NET ASSETS	71
FINANCIAL HIGHLIGHTS	73
NOTES TO FINANCIAL STATEMENTS	77
NOTICE OF PRIVACY POLICY & PRACTICES	88
ADDITIONAL INFORMATION	89

PMC Funds

Letter to Shareholders

To our Shareholders:

We are pleased to present you with the Semi-Annual Report for the PMC Funds mutual fund family. This report covers the six-month period ended February 28, 2022 as well as the period since the inception for the PMC Funds. The table below presents the standardized performance of the two PMC Funds relative to their respective benchmarks.

The six-month period ended February 28, 2022 was one in which investors experienced many dfferent equity and bond market conditions. Supply chain bottlenecks continued to wreak havoc on product availability across many industries, but economic growth remained strong. During the fourth quarter of 2021, real gross domestic product (GDP) in the U.S. rose 7.0%, in line with consensus expectations. The Omicron variant of COVID-19 arose too late in the quarter to have any considerable adverse effects, but the drag resulting from the Delta variant earlier in the year demonstrates the impact increased infections can have on growth. In addition to the economy delivering overall robust economic results, the employment situation continued to make strong gains. Employers added 678,000 jobs in February, far exceeding expectations. In addition, the unemployment rate dropped to a new cycle low of 3.8%, close to its pre-pandemic low of 3.5%. As a result of this growth and the ongoing supply chain issues, inflation surged and interest rates climbed steadily in response. In February, the Consumer Price Index (CPI), which is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, was up 7.9% over the past year, the largest advance in 40 years. The yield on the 10-year U.S. Treasury rose precipitously over the six-month period, from 1.31% on August 31, 2021 to 1.83% on February 28, 2022, very near its high for the period.

In terms of monetary policy, the U.S. Federal Open Market Committee (FOMC) maintained a very aggressive stance, leaving in place the 0%-0.25% target range for the federal funds rate. However, it is widely expected the FOMC will begin raising interest rates in March in an effort to cool inflation. The expected rate increase is anticipated to be the first of many to come over the next several quarters.

Overall, equity markets were lower over the past six months, with the MSCI World Index Net Return (global all-capitalization) generating a return of -4.7%. Stock prices rose for much of the fall into year-end, but the weight of heightened inflation, rising interest rates and geopolitical tensions created volatility and a drop in prices for the first part of 2022. For the first two months of the year, the MSCI World Index Net Return declined -7.7%. In the fixed income asset class, the rise in interest rates meant bond prices were mostly lower, with prices of corporate bonds declining relative to U.S. government securities as investors anticipated a cooling in the economy. As such, the Bloomberg U.S. Aggregate Bond Index, a broad-based index of fixed-income securities, delivered a negative total return of -4.1% over the six months ended February 28, 2022.

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Total Returns as of February 28, 2022*

*Periods of Less than One Year Are Unannualized

Fund	Three Months			Six Months			One Year			Five Year			Ten Year			Since Inception			Inception Date		Gross Expense Ratio
PMC Diversified Equity Fund (Advisor Class)		-2.89	%		-4.46	%		7.16	%		9.13	%		9.04	%		9.66	%		8-26-09		0.97	%
PMC Diversified Equity Fund (Inst. Class)		-2.86	%		-4.38	%		7.42	%		N/A			N/A			11.14	%*		7-1-19		0.68	%
MSCI World Index Net Return**		-3.74	%		-4.65	%		10.74	%		12.05	%		10.73	%		10.49	%
PMC Core Fixed Income Fund (Advisor Class)		-3.64	%		-4.67	%		-2.81	%		2.81	%		2.40	%		4.20	%		9-28-07		1.21	%
PMC Core Fixed Income Fund (Inst. Class)		-3.62	%		-4.55	%		-2.56	%		N/A			N/A			2.64	%*		7-1-19		0.95	%
Bloomberg U.S. Aggregate Bond Index***		-3.49	%		-4.07	%		-2.64	%		2.71	%		2.47	%		3.74	%

* Performance shown as of Institutional class inception date of 7-1-19.

** MSCI World Index Net Return is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries.

*** Bloomberg U.S. Aggregate Bond Index is a broad based fixed income index that consists of securities that are investment grade quality or better, have at least one year to maturity and have an outstanding par value of at least $100 million.

Past performance is no guarantee of future returns. Current performance may be higher or lower than the performance data shown. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, please visit the Funds’ website at http://www.investpmc.com/solutions/portfolios or by calling 866-762-7338. Performance results reflect contractual expense subsidies and waivers in effect until December 29, 2022; without these waivers, returns would have been less favorable.

PMC Diversified Equity Fund

The PMC Diversified Equity Fund (the “Fund”) was launched on August 26, 2009, and provides broad equity asset class exposure, diversified globally. The Fund’s investment objective is long-term capital appreciation.

One of the primary drivers of the Fund’s performance is its exposure to the well-known value, momentum and quality asset pricing factors. Stocks with positive exposures to these factors contributed positively to performance during the past six months. Many analysts believe that now that the FOMC is going to be reversing its aggressive monetary policy there will be a greater distinction in performance among stocks. Such positive factor performance was a primary contributor to the Fund’s relative performance, as it outperformed the benchmark over the six-month period ending February 28, 2022. Over that period the Fund (Advisor Class) generated a total return of -4.46%, slightly outpacing the -4.65% return of the benchmark MSCI World Index Net Return. The primary driver of the Fund’s performance during the period was the strong aggregate performance of the asset pricing factors toward which the portfolio is tilted. In particular, the Fund’s orientation toward value stocks was a key driver of the outperformance relative to the benchmark. Performance was also positively impacted by having an exposure to stocks exhibiting positive momentum, as well as to those having higher quality characteristics. The Fund’s modestly lower weighted average market capitalization than the benchmark index had a negative impact on performance during the period, as stocks of smaller companies underperformed those of larger companies. Relative performance was also advantaged during the twelve-month period from underweights to the consumer discretionary and industrials sectors. Among the detractors to performance during the period were modest underweights to the communications services and energy sectors, and security selection in the communications services sector. As is typically the case, the strategy’s factor orientation resulted in over- or underweights to specific stocks that had a meaningful impact on performance. Over the past six months underweights to well-known companies such as PayPal Holdings, Inc. (PYPL), Meta Platforms, Inc. (FB) and Amazon.com, Inc. (AMZN) benefited performance. However, an underweight to Apple, Inc. (AAPL), and overweights to Garmin, Ltd. (GRMN) and Zebra Technologies Corp. (ZBRA) resulted in underperformance.

In addition to the risk that the investment strategy employed in the Fund will underperform the benchmark index generally, the primary risks continue to primarily involve systematic risk. Because the Fund’s investment adviser

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controls the risk of the portfolio relative to the benchmark, the overall portfolio should track the Fund’s benchmark fairly closely on a relative basis. However, in general market declines the Fund’s fully invested strategy would incur a setback commensurate with the decline in the benchmark.

PMC Core Fixed Income Fund

The PMC Core Fixed Income Fund (the “Fund”) provides broad exposure to the core segments of the domestic fixed income market. The Fund’s investment objective is to provide current income consistent with low volatility of principal, and in addition to the Fund’s investment adviser, one sub-adviser manages a portion of the Fund’s assets: Neuberger Berman Investment Advisers LLC.

Over the past six months the environment for fixed income securities has been one of a continued rise in bond yields—and drop in bond prices—resulting from a number of factors, including improving economic growth, a surge in inflation, and elevated geopolitical tensions. Against this backdrop, the Fund (Advisor Class) generated a negative return of -4.67% for the six-month period ending February 28, 2022, modestly lagging the performance of the Bloomberg U.S. Aggregate Bond Index return of -4.07%. The primary factors negatively impacting performance over the past six-month period were an underweight to U.S. Treasury bonds and an overweight to industrial and financial institutions bonds. The Fund’s aggregate overweight to corporate bonds was a key detractor during the period, as was security selection within the government-related segment.

The primary risks to the strategies employed by the Fund’s portfolio management teams remain in place, and exist at both the macro level and in individual security selection. Due to the Fund’s aggregate overweight exposure to credit securities, the Fund remains likely to underperform the benchmark somewhat if the Federal Reserve makes a policy misstep, and Treasury securities consequently rise relative to credits. In addition, if the general level of interest rates rises rapidly, the Fund will not be immune to losses. Similarly, if certain of the individual credits currently owned by the Fund are adversely affected by economic events, the Fund itself will also be affected.

Remarks

As always, we appreciate your continued trust and confidence in the PMC Funds. We will continue to do all we can to ensure that such trust and confidence are well placed and will manage the PMC Funds with that goal clearly in mind.

Brandon R. Thomas

Co-Founder and Chief Investment Officer

Envestnet, Inc.

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Envestnet Asset Management

The views in this report were those of the Funds’ investment adviser and the Core Fixed Income Fund’s sub-adviser, as applicable, as of the date of this report, and may not reflect their views on the date the report is first published or anytime thereafter. These views are intended to assist the shareholders of the Funds in understanding their investments in the Funds and do not constitute investment advice. Holdings are subject to change without notice and are not a recommendation to buy or sell any security.

Diversification does not assure a profit, nor protect against loss in a declining market. Investments in smaller companies carry greater risk than is customarily associated with larger companies for various reasons such as volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. Investing overseas involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. Income (bond) funds are subject to interest rate risk, which is the risk that debt securities in a fund’s portfolio will decline in value because of increases in market interest rates. Please see the prospectus (https://www.investpmc.com/sites/default/files/documents/PMC%20Statutory%20Prospectus%20%28public%29.pdf) for a complete description of the risks associated with investing in the PMC Funds.

PMC Funds are distributed by Foreside Fund Services, LLC

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PMC FUNDS

Expense Examples

(Unaudited)

As a shareholder of the PMC Core Fixed Income Fund or the PMC Diversified Equity Fund (each a “Fund”, and together the “Funds”), you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution (12b-1) fees (Advisor Class shares only) and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2021 - February 28, 2022).

Actual Expenses

The first lines of the following tables provide information about actual account values and actual expenses. Although the Funds do not charge a sales load, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent. Individual Retirement Accounts (“IRA”) will be charged a $15.00 annual maintenance fee. To the extent the Funds invest in shares of exchange-traded funds or other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the direct expenses of the Funds. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the Example. The Example includes, but is not limited to, management fees, distribution (12b-1) fees, fund administration and accounting, custody and transfer agent fees. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second lines of the following tables provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the second lines of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During Period 9/1/21-2/28/22*
PMC Core Fixed Income Fund–Advisor Class
Actual	$	1,000.00	$	953.30	$	4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.58		4.26

* Expenses are equal to the Fund’s annualized expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During Period 9/1/21-2/28/22*
PMC Core Fixed Income Fund–Institutional Class
Actual	$	1,000.00	$	954.50	$	2.91
Hypothetical (5% return before expenses)		1,000.00		1,021.82		3.01

* Expenses are equal to the Fund’s annualized expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

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	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During Period 9/1/21-2/28/22*
PMC Diversified Equity Fund–Advisor Class
Actual	$	1,000.00	$	955.40	$	4.46
Hypothetical (5% return before expenses)		1,000.00		1,020.23		4.61

* Expenses are equal to the Fund’s annualized expense ratio of 0.92%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During Period 9/1/21-2/28/22*
PMC Diversified Equity Fund–Institutional Class
Actual	$	1,000.00	$	956.20	$	3.25
Hypothetical (5% return before expenses)		1,000.00		1,021.47		3.36

* Expenses are equal to the Fund’s annualized expense ratio of 0.67%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

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PMC CORE FIXED INCOME FUND (PMFIX, PMFQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is to provide current income consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of February 28, 2022 is shown below.

Allocation of Portfolio Holdings

% of Net assets

  ^ Excludes securities lending collateral.

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PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2022

	PMC Core Fixed Income Fund–Advisor Class			Bloomberg U.S. Aggregate Bond Index
One Year		-2.81	%		-2.64	%
Five Year		2.81	%		2.71	%
Ten Year		2.40	%		2.47	%
Since Inception (9/28/07)		4.20	%		3.74	%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at (866) PMC-7338.

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on February 29, 2012. The graph does not reflect any future performance.

The Bloomberg U.S. Aggregate Bond Index is an index composed of U.S. securities in Treasury, Government-Related, Corporate and Securitized Sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

One cannot invest directly in an index.

10

PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2022

	PMC Core Fixed Income Fund–Institutional Class			Bloomberg U.S. Aggregate Bond Index
One Year		-2.56	%		-2.64	%
Since Inception (7/1/19)		2.64	%		1.87	%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at (866) PMC-7338.

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on July 1, 2019, the inception date of the Institutional Class. The graph does not reflect any future performance.

The Bloomberg U.S. Aggregate Bond Index is an index composed of U.S. securities in Treasury, Government-Related, Corporate and Securitized Sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

One cannot invest directly in an index.

* Inception Date

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PMC DIVERSIFIED EQUITY FUND (PMDEX, PMDQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 28, 2022 is shown below.

^ Excludes securities lending collateral.

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PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2022

	PMC Diversified Equity Fund– Advisor Class			MSCI World Index Net Return
One Year		7.16	%		10.74	%
Five Year		9.13	%		12.05	%
Ten Year		9.04	%		10.73	%
Since Inception (8/26/09)		9.66	%		10.49	%

On May 25, 2018, Envestnet Asset Management, Inc. (the “Adviser”), the Fund’s investment adviser, assumed all responsibilities for selecting investments in the Fund’s portfolio in connection with a change to the Fund’s investment strategies. The Fund’s performance prior to this date reflects the Fund’s returns achieved when the Adviser actively managed a portion of the Fund’s portfolio and used a “manager of managers” investment strategy by engaging sub-advisers to manage other portions of the Fund’s portfolio.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at (866) PMC-7338.

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on February 29, 2012. The graph does not reflect any future performance.

The MSCI World Index Net Return is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net return indices reinvest dividends after the deduction of taxes, using a tax rate applicable to non-resident investors who do not benefit from table taxation treaties. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

One cannot invest directly in an index.

Continued

13

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

14

PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2022

	PMC Diversified Equity Fund– Institutional Class			MSCI World Index Net Return
One Year		7.42	%		10.74	%
Since Inception (7/1/19)		11.14	%		13.88	%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at (866) PMC-7338.

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on July 1, 2019, the inception date of the Institutional Class. The graph does not reflect any future performance.

The MSCI World Index Net Return is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net return indices reinvest dividends after the deduction of taxes, using a tax rate applicable to non-resident investors who do not benefit from table taxation treaties. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

One cannot invest directly in an index.

* Inception Date

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PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited)

	Principal Amount			Value
ASSET BACKED SECURITIES—9.20%
37 Capital CLO I
2021-1A, 1.403% (3 Month LIBOR USD + 1.200%), 10/15/2034(b)(c)	$	1,000,000		$	999,447
AM Capital Funding LLC
2018-1, 4.980%, 12/15/2023(b)		560,000			569,995
Angel Oak Mortgage Trust
2021-3, 1.068%, 05/25/2066(b)(d)		868,326			856,291
Aqua Finance Trust
2021-A, 1.540%, 07/17/2046(b)		713,203			696,064
Avis Budget Rental Car Funding AESOP LLC
2021-2A A, 1.660%, 02/20/2028(b)		2,191,000			2,129,960
2021-2A B, 1.900%, 02/20/2028(b)		495,000			475,864
Beacon Container Finance II LLC
2021-1A, 2.250%, 10/22/2046(b)		1,026,600			996,810
BlueMountain CLO Ltd.
2013-2A, 1.439% (3 Month LIBOR USD + 1.180%), 10/22/2030(b)(c)		362,743			362,120
Cedar Funding VI CLO Ltd.
2016-6A, 1.304% (3 Month LIBOR USD + 1.050%), 04/20/2034(b)(c)		1,480,000			1,464,235
Crown Castle Towers LLC
2018-1, 4.241%, 07/15/2048(b)		439,000			464,966
Dryden 75 CLO Ltd.
2019-75R2, 1.281% (3 Month LIBOR USD + 1.040%), 04/15/2034(b)(c)		850,000			842,562
Fort Washington CLO Ltd.
2021-2A, 1.336% (3 Month LIBOR USD + 1.220%), 10/20/2034(b)(c)		2,000,000			1,995,006
GCAT Trust
2019-NQM3, 2.686%, 11/25/2059(b)(d)		171,930			172,153
2021-NQM5, 1.262%, 07/25/2066(b)(d)		1,083,586			1,050,197
JPMorgan Chase Bank NA—CACLN
2021-3, 0.760%, 02/26/2029(b)		1,623,694			1,600,459
Madison Park Funding XXVI Ltd.
2007-26, 1.499% (3 Month LIBOR USD + 1.200%), 07/29/2030(b)(c)		2,295,000			2,292,556
Magnetite XXIII Ltd.
2019-23R, 1.251% (3 Month LIBOR USD + 1.130%), 01/25/2035(b)(c)		1,000,000			993,473
MVW LLC
2021-2A A, 1.430%, 05/20/2039(b)		1,003,903	��		971,868
2021-2A B, 1.830%, 05/20/2039(b)		819,072			797,584
2021-1W, 1.440%, 01/22/2041(b)		473,591			459,581
Navient Private Education Refi Loan Trust
2021-B, 0.940%, 07/15/2069(b)		1,129,804			1,094,081
2021-C, 1.060%, 10/15/2069(b)		717,924			696,182
2021-E, 0.970%, 12/16/2069(b)		1,664,362			1,605,987
Navient Student Loan Trust
2019-7, 0.687% (1 Month LIBOR USD + 0.500%), 01/25/2068(b)(c)		445,122			444,178
PFS Financing Corp.
2021-B, 0.770%, 08/15/2026(b)		1,890,000			1,832,293
Prestige Auto Receivables Trust
2021-1, 1.530%, 02/15/2028(b)		599,000			585,499
RASC Trust
2005-KS12, 0.877% (1 Month LIBOR USD + 0.460%), 01/25/2036(c)		168,412			168,405
SBA Tower Trust
2020-1-2, 2.328%, 01/15/2028(b)		618,000			604,584
2021-3, 2.593%, 10/15/2056(b)		1,243,000			1,232,542
Sierra Timeshare Receivables Funding LLC
2019-2, 2.590%, 05/20/2036(b)		491,485			490,168

The accompanying notes are an integral part of these financial statements.

16

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
2020-2, 3.510%, 07/20/2037(b)	$	583,050	$	586,067
2021-2, 1.350%, 09/20/2038(b)		487,555		474,321
Starwood Mortgage Residential Trust
2021-3, 1.127%, 06/25/2056(b)(d)		749,759		729,009
2021-6, 1.920%, 11/25/2066(b)(d)		1,021,060		999,620
Taco Bell Funding LLC
2021-1, 1.946%, 08/25/2051(b)		1,394,505		1,340,439
Thayer Park CLO Ltd.
2017-1A, 1.294% (3 Month LIBOR USD + 1.040%), 04/20/2034(b)(c)		500,000		496,503
Towd Point Mortgage Trust
2016-2, 2.750%, 08/25/2055(b)(d)		3,610		3,616
2017-5, 0.787% (1 Month LIBOR USD + 0.600%), 02/25/2057(b)(c)		275,114		274,859
2017-2, 2.750%, 04/25/2057(b)(d)		24,835		24,969
2017-4, 2.750%, 06/25/2057(b)(d)		138,517		139,155
2017-3, 2.750%, 07/25/2057(b)(d)		190,155		191,518
TRESTLES CLO Ltd.
2017-1, 1.248% (3 Month LIBOR USD + 0.990%), 04/25/2032(b)(c)		500,000		496,971
TRESTLES CLO V Ltd.
2021-5, 1.301% (3 Month LIBOR USD + 1.170%), 10/20/2034(b)(c)		1,000,000		996,188
United Airlines Pass Through Trust
2020-1, 5.875%, 10/15/2027		1,185,721		1,254,621
Vantage Data Centers Issuer LLC
2019-1, 3.188%, 07/15/2044(b)		1,283,100		1,294,167
2021-1, 2.165%, 10/15/2046(b)		1,078,000		1,041,489
Verus Securitization Trust
2021-3, 1.046%, 06/25/2066(b)(d)		941,578		919,287
2021-6, 1.630%, 10/25/2066(b)(d)		1,399,806		1,374,098
Voya CLO Ltd.
2014-2A, 1.261% (3 Month LIBOR USD + 1.020%), 04/17/2030(b)(c)		1,739,040		1,738,277
TOTAL ASSET BACKED SECURITIES (Cost $44,023,463)				43,320,284
CORPORATE BONDS—36.41%
Accommodation—0.20%
Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028(b)(f)		410,000		406,660
Wynn Las Vegas LLC
5.500%, 03/01/2025(b)(f)		415,000		421,349
5.250%, 05/15/2027(b)(f)		132,000		130,837
				958,846
Administrative and Support Services—2.33%
ASGN, Inc.
4.625%, 05/15/2028(b)		595,000		588,586
Booking Holdings, Inc.
3.550%, 03/15/2028		1,048,000		1,113,724
Imola Merger Corp.
4.750%, 05/15/2029(b)(f)		250,000		242,865
Korn Ferry
4.625%, 12/15/2027(b)		390,000		384,805
Live Nation Entertainment, Inc.
4.750%, 10/15/2027(b)		475,000		467,286
PayPal Holdings, Inc.
2.400%, 10/01/2024		1,117,000		1,127,599

The accompanying notes are an integral part of these financial statements.

17

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Verizon Communications, Inc.
4.329%, 09/21/2028(f)	$	2,509,000	$	2,738,062
4.016%, 12/03/2029		400,000		429,730
2.355%, 03/15/2032(b)(f)		2,360,000		2,204,736
Visa, Inc.
2.800%, 12/14/2022		1,649,000		1,667,608
				10,965,001
Air Transportation—0.35%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500%, 06/20/2027(b)		570,000		601,994
Southwest Airlines Co.
5.250%, 05/04/2025		800,000		863,559
United Airlines Holdings, Inc.
4.875%, 01/15/2025(f)		205,000		204,214
				1,669,767
Ambulatory Health Care Services—0.20%
Acadia Healthcare Co, Inc.
5.000%, 04/15/2029(b)		335,000		331,236
DaVita, Inc.
4.625%, 06/01/2030(b)(f)		625,000		601,028
				932,264
Beverage and Tobacco Product Manufacturing—1.83%
Anheuser-Busch InBev Worldwide, Inc.
4.350%, 06/01/2040(f)		1,006,000		1,071,353
4.600%, 04/15/2048		720,000		789,183
4.750%, 04/15/2058(f)		510,000		563,597
5.800%, 01/23/2059		400,000		512,627
PepsiCo, Inc.
3.100%, 07/17/2022		2,904,000		2,917,174
Philip Morris International, Inc.
3.125%, 08/17/2027		2,669,000		2,759,441
				8,613,375
Broadcasting (except Internet)—2.18%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.250%, 02/01/2031(b)(f)		1,078,000		1,011,832
Charter Communications Operating LLC / Charter Communications Operating Capital
4.800%, 03/01/2050(f)		2,270,000		2,222,538
Comcast Corp.
3.150%, 02/15/2028		405,000		415,940
4.150%, 10/15/2028		1,549,000		1,677,966
CSC Holdings LLC
5.500%, 04/15/2027(b)		380,000		379,510
4.625%, 12/01/2030(b)(f)		435,000		363,002
3.375%, 02/15/2031(b)		264,000		225,259
Discovery Communications LLC
2.950%, 03/20/2023(f)		566,000		572,282
DISH DBS Corp.
5.875%, 11/15/2024		185,000		185,185
Fox Corp.
5.576%, 01/25/2049(f)		770,000		926,136

The accompanying notes are an integral part of these financial statements.

18

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Paramount Global
4.950%, 01/15/2031(f)	$	410,000	$	454,810
4.200%, 05/19/2032(f)		970,000		1,013,168
Sirius XM Radio, Inc.
4.125%, 07/01/2030(b)(f)		840,000		795,291
				10,242,919
Building Material and Garden Equipment and Supplies Dealers—0.26%
Home Depot, Inc.
2.700%, 04/01/2023		1,209,000		1,223,039
Chemical Manufacturing—1.92%
Abbott Laboratories
3.400%, 11/30/2023		1,135,000		1,168,370
AbbVie, Inc.
4.050%, 11/21/2039		270,000		283,248
4.700%, 05/14/2045		710,000		786,846
4.250%, 11/21/2049(f)		485,000		515,285
Amgen, Inc.
3.000%, 02/22/2029		405,000		409,805
Biogen, Inc.
2.250%, 05/01/2030(f)		2,908,000		2,663,583
Bristol-Myers Squibb Co.
2.950%, 03/15/2032		785,000		796,733
3.550%, 03/15/2042		300,000		305,926
Merck & Co, Inc.
2.750%, 12/10/2051		615,000		547,583
Roche Holdings, Inc.
2.607%, 12/13/2051(b)		615,000		543,644
Viatris, Inc.
4.000%, 06/22/2050(f)		1,140,000		1,006,907
				9,027,930
Computer and Electronic Product Manufacturing—2.45%
Apple, Inc.
1.800%, 09/11/2024(f)		2,834,000		2,836,194
Broadcom, Inc.
5.000%, 04/15/2030		701,000		774,778
4.150%, 11/15/2030		1,350,000		1,417,305
3.419%, 04/15/2033(b)		1,700,000		1,659,640
3.500%, 02/15/2041(b)		1,170,000		1,071,428
Dell International LLC / EMC Corp.
5.450%, 06/15/2023		289,000		301,041
6.200%, 07/15/2030		1,140,000		1,350,070
Intel Corp.
3.750%, 03/25/2027(f)		1,036,000		1,101,591
Microchip Technology, Inc.
4.333%, 06/01/2023		690,000		711,280
ON Semiconductor Corp.
3.875%, 09/01/2028(b)		330,000		327,588
				11,550,915
Construction of Buildings—0.05%
Shea Homes LP / Shea Homes Funding Corp.
4.750%, 02/15/2028(b)		255,000		245,135

The accompanying notes are an integral part of these financial statements.

19

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Credit Intermediation and Related Activities—4.89%
Bank of America Corp.
3.875%, 08/01/2025(f)	$	1,632,000	$	1,710,304
3.559% to 04/23/2026, then 3 Month LIBOR USD + 1.060%, 04/23/2027(a)		1,610,000		1,654,944
3.705% to 04/24/2027, then 3 Month LIBOR USD + 1.512%, 04/24/2028(a)		660,000		684,871
3.970% to 03/05/2028, then 3 Month LIBOR USD + 1.070%, 03/05/2029(a)		630,000		659,902
2.884% to 10/22/2029, then 3 Month LIBOR USD + 1.190%, 10/22/2030(a)		743,000		729,085
2.496% to 02/13/2030, then 3 Month LIBOR USD + 0.990%, 02/13/2031(a)		785,000		748,051
Citigroup, Inc.
3.200%, 10/21/2026		1,157,000		1,181,469
4.300%, 11/20/2026(f)		890,000		948,053
1.122% to 01/28/2026, then SOFR + 0.765%, 01/28/2027(a)(f)		1,610,000		1,517,933
3.887% to 01/10/2027, then 3 Month LIBOR USD + 1.563%, 01/10/2028(a)		835,000		873,779
3.520% to 10/27/2027, then 3 Month LIBOR USD + 1.151%, 10/27/2028(a)		455,000		468,454
2.976% to 11/05/2029, then SOFR + 1.422%, 11/05/2030(a)		495,000		488,802
Ford Motor Credit Co. LLC
5.113%, 05/03/2029(f)		310,000		327,312
General Motors Financial Co., Inc.
5.100%, 01/17/2024		370,000		388,482
3.600%, 06/21/2030(f)		700,000		702,891
JPMorgan Chase & Co.
2.700%, 05/18/2023(f)		480,000		485,718
2.950%, 10/01/2026(f)		1,667,000		1,697,417
2.580% to 04/22/2031, then SOFR + 1.250%, 04/22/2032(a)		1,535,000		1,465,328
OneMain Finance Corp.
3.500%, 01/15/2027(f)		435,000		412,145
Synchrony Financial
2.875%, 10/28/2031		920,000		854,988
Wells Fargo & Co.
2.406% to 10/30/2024, then SOFR + 1.087%, 10/30/2025(a)		900,000		897,628
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028(a)		1,020,000		998,827
4.150%, 01/24/2029(f)		1,572,000		1,677,897
2.572% to 02/11/2030, then SOFR + 1.262%, 02/11/2031(a)		1,045,000		1,004,307
5.013% to 04/04/2050, then SOFR + 4.502%, 04/04/2051(a)		365,000		449,524
				23,028,111
Electrical Equipment, Appliance, and Component Manufacturing—0.08%
Energizer Holdings, Inc.
4.375%, 03/31/2029(b)(f)		430,000		388,612
Electronics and Appliance Stores—0.03%
AMC Networks, Inc.
4.250%, 02/15/2029(f)		175,000		164,118
Food Manufacturing—0.15%
Post Holdings, Inc.
4.625%, 04/15/2030(b)(f)		745,000		703,016
Food Services and Drinking Places—0.62%
Aramark Services, Inc.
5.000%, 02/01/2028(b)(f)		745,000		747,153
McDonald’s Corp.
3.500%, 07/01/2027		1,631,000		1,711,808
Starbucks Corp.
3.000%, 02/14/2032		470,000		466,802
				2,925,763

The accompanying notes are an integral part of these financial statements.

20

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
General Merchandise Stores—0.25%
Walmart, Inc.
2.350%, 12/15/2022	$	1,149,000	$	1,161,562
Health and Personal Care Stores—0.28%
CVS Health Corp.
4.125%, 04/01/2040		560,000		576,885
5.050%, 03/25/2048(f)		650,000		756,691
				1,333,576
Hospitals—0.36%
HCA, Inc.
5.250%, 06/15/2049(f)		870,000		989,177
Tenet Healthcare Corp.
4.625%, 06/15/2028(b)		170,000		166,403
6.125%, 10/01/2028(b)(f)		540,000		543,521
				1,699,101
Insurance Carriers and Related Activities—1.20%
Berkshire Hathaway, Inc.
2.750%, 03/15/2023		1,136,000		1,150,947
Cigna Corp.
3.200%, 03/15/2040		690,000		636,980
Equitable Holdings, Inc.
5.000%, 04/20/2048		545,000		605,525
MetLife, Inc.
6.500%, 12/15/2032		2,063,000		2,704,835
UnitedHealth Group, Inc.
3.250%, 05/15/2051		590,000		572,626
				5,670,913
Machinery Manufacturing—0.23%
Deere & Co.
5.375%, 10/16/2029		916,000		1,093,368
Management of Companies and Enterprises—0.12%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875%, 10/01/2028(b)		570,000		579,237
Merchant Wholesalers, Durable Goods—0.45%
CDW LLC / CDW Finance Corp.
3.276%, 12/01/2028(f)		1,915,000		1,880,750
3.569%, 12/01/2031		265,000		257,717
				2,138,467
Merchant Wholesalers, Nondurable Goods—0.37%
Performance Food Group, Inc.
5.500%, 10/15/2027(b)(f)		155,000		157,919
Sysco Corp.
6.600%, 04/01/2050		764,000		1,062,774
Univar Solutions USA, Inc.
5.125%, 12/01/2027(b)		510,000		519,866
				1,740,559
Mining (except Oil and Gas)—0.19%
Freeport-McMoRan, Inc.
5.450%, 03/15/2043		760,000		874,456

The accompanying notes are an integral part of these financial statements.

21

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Motor Vehicle and Parts Dealers—0.15%
Volkswagen Group of America Finance LLC
3.350%, 05/13/2025(b)	$	675,000	$	690,246
Nonstore Retailers—0.71%
Amazon.com, Inc.
3.800%, 12/05/2024(f)		1,646,000		1,724,889
eBay, Inc.
2.600%, 05/10/2031		1,690,000		1,607,072
				3,331,961
Oil and Gas Extraction—1.32%
Continental Resources, Inc.
2.268%, 11/15/2026(b)		3,050,000		2,911,057
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500%, 06/15/2031(b)		565,000		562,881
Occidental Petroleum Corp.
3.200%, 08/15/2026(f)		700,000		701,036
4.300%, 08/15/2039		260,000		246,129
PDC Energy, Inc.
5.750%, 05/15/2026(f)		205,000		208,339
Phillips 66
1.300%, 02/15/2026		1,290,000		1,229,177
Venture Global Calcasieu Pass LLC
3.875%, 08/15/2029(b)(f)		340,000		333,446
				6,192,065
Performing Arts, Spectator Sports, and Related Industries—0.05%
Churchill Downs, Inc.
5.500%, 04/01/2027(b)		235,000		238,801
Petroleum and Coal Products Manufacturing—0.17%
Marathon Petroleum Corp.
4.700%, 05/01/2025		775,000		824,093
Pipeline Transportation—1.18%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.375%, 06/15/2029(b)(f)		385,000		387,420
Buckeye Partners LP
3.950%, 12/01/2026(f)		130,000		125,650
DT Midstream, Inc.
4.125%, 06/15/2029(b)(f)		425,000		411,933
Energy Transfer LP
3.600%, 02/01/2023		600,000		606,689
6.625% to 02/15/2028, then 3 Month LIBOR USD + 4.155%(a)(h)		785,000		711,406
7.125% to 05/15/2030, then 5 Year CMT Rate + 5.306%(a)(h)		1,055,000		1,036,538
EQM Midstream Partners LP
5.500%, 07/15/2028		600,000		591,486
MPLX LP
4.700%, 04/15/2048(f)		815,000		841,921
Plains All American Pipeline LP / PAA Finance Corp.
4.650%, 10/15/2025(f)		780,000		827,012
				5,540,055

The accompanying notes are an integral part of these financial statements.

22

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Plastics and Rubber Products Manufacturing—0.07%
Goodyear Tire & Rubber Co.
5.250%, 04/30/2031(f)	$	325,000	$	316,438
Professional, Scientific, and Technical Services—0.49%
Nielsen Finance LLC / Nielsen Finance Co.
5.625%, 10/01/2028(b)		115,000		110,314
5.875%, 10/01/2030(b)(f)		545,000		524,241
ServiceNow, Inc.
1.400%, 09/01/2030		1,906,000		1,686,965
				2,321,520
Publishing Industries (except Internet)—0.93%
Microsoft Corp.
3.125%, 11/03/2025		2,692,000		2,807,447
Oracle Corp.
2.875%, 03/25/2031		1,045,000		998,546
4.000%, 07/15/2046		615,000		564,743
				4,370,736
Real Estate—0.45%
Public Storage
2.300%, 05/01/2031		1,381,000		1,331,044
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027		240,000		235,379
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC
7.875%, 02/15/2025(b)		515,000		536,514
				2,102,937
Rental and Leasing Services—0.14%
Air Lease Corp.
2.300%, 02/01/2025		655,000		650,040
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—4.05%
BAT Capital Corp.
3.222%, 08/15/2024		222,000		224,971
3.557%, 08/15/2027		220,000		222,275
3.734%, 09/25/2040		665,000		573,144
Charles Schwab Corp.
2.300%, 05/13/2031		1,736,000		1,661,332
CME Group, Inc.
3.000%, 03/15/2025		1,092,000		1,121,754
CommScope, Inc.
8.250%, 03/01/2027(b)(f)		642,000		639,923
Goldman Sachs Group, Inc.
3.850%, 01/26/2027		1,375,000		1,434,335
3.800%, 03/15/2030		1,110,000		1,156,722
2.615% to 04/22/2031, then SOFR + 1.281%, 04/22/2032(a)		1,040,000		983,906
2.383% to 07/21/2031, then SOFR + 1.248%, 07/21/2032(a)		1,315,000		1,219,633
4.017% to 10/31/2037, then 3 Month LIBOR USD + 1.373%, 10/31/2038(a)		250,000		263,970
Morgan Stanley
0.791% to 01/22/2024, then SOFR + 0.509%, 01/22/2025(a)(f)		1,300,000		1,264,399
6.250%, 08/09/2026		2,279,000		2,621,501
3.950%, 04/23/2027(f)		935,000		988,054

The accompanying notes are an integral part of these financial statements.

23

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
3.591% to 07/22/2027, then 3 Month LIBOR USD + 1.340%, 07/22/2028(a)	$	1,625,000	$	1,680,829
3.772% to 01/24/2028, then 3 Month LIBOR USD + 1.140%, 01/24/2029(a)(f)		875,000		910,058
2.699% to 01/22/2030, then SOFR + 1.143%, 01/22/2031(a)		1,190,000		1,152,132
MPH Acquisition Holdings LLC
5.500%, 09/01/2028(b)		350,000		340,118
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.750%, 04/15/2026(b)		585,000		601,067
				19,060,123
Support Activities for Mining—0.17%
ConocoPhillips
4.875%, 10/01/2047(b)		295,000		353,299
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028(b)(f)		435,000		444,209
				797,508
Telecommunications—1.87%
AT&T, Inc.
2.550%, 12/01/2033(f)		1,100,000		1,020,809
3.650%, 06/01/2051(f)		845,000		796,733
3.500%, 09/15/2053(f)		915,000		836,592
3.550%, 09/15/2055		184,000		166,387
3.650%, 09/15/2059		1,018,000		922,349
Frontier Communications Holdings LLC
5.875%, 10/15/2027(b)		400,000		406,078
5.000%, 05/01/2028(b)(f)		363,000		352,927
Lumen Technologies, Inc.
4.500%, 01/15/2029(b)		360,000		301,217
T-Mobile USA, Inc.
2.875%, 02/15/2031(f)		215,000		202,051
4.375%, 04/15/2040		550,000		568,619
3.000%, 02/15/2041		1,186,000		1,027,069
4.500%, 04/15/2050		645,000		671,941
3.300%, 02/15/2051		350,000		301,923
3.400%, 10/15/2052(b)(f)		920,000		813,115
Ziff Davis, Inc.
4.625%, 10/15/2030(b)		435,000		419,120
				8,806,930
Transportation Equipment Manufacturing—1.96%
Boeing Co.
4.875%, 05/01/2025(f)		1,371,000		1,459,224
3.900%, 05/01/2049		185,000		169,159
5.805%, 05/01/2050		1,750,000		2,080,067
Ford Motor Co.
9.625%, 04/22/2030(f)		305,000		419,633
4.750%, 01/15/2043		150,000		145,270
General Motors Co.
6.125%, 10/01/2025		1,448,000		1,604,341
Raytheon Technologies Corp.
7.500%, 09/15/2029		2,091,000		2,734,655
Spirit AeroSystems, Inc.
5.500%, 01/15/2025(b)		115,000		118,321

The accompanying notes are an integral part of these financial statements.

24

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
TransDigm, Inc.
6.250%, 03/15/2026(b)	$	470,000	$	485,179
				9,215,849
Utilities—1.48%
Calpine Corp.
4.500%, 02/15/2028(b)		530,000		517,617
DTE Energy Co.
3.400%, 06/15/2029		607,000		618,928
Exelon Corp.
4.700%, 04/15/2050		475,000		538,269
Kinder Morgan Energy Partners LP
4.150%, 02/01/2024(f)		755,000		780,249
Kinder Morgan, Inc.
5.550%, 06/01/2045(f)		1,745,000		1,995,975
New Fortress Energy, Inc.
6.500%, 09/30/2026(b)(f)		295,000		282,812
Pacific Gas and Electric Co.
2.500%, 02/01/2031		1,405,000		1,252,040
Southern Co.
2.950%, 07/01/2023(f)		313,000		317,074
Vistra Operations Co. LLC
5.000%, 07/31/2027(b)(f)		200,000		201,718
4.375%, 05/01/2029(b)(f)		455,000		441,700
				6,946,382
Warehousing and Storage—0.23%
Iron Mountain, Inc.
5.250%, 03/15/2028(b)		420,000		420,840
4.875%, 09/15/2029(b)		410,000		396,294
5.250%, 07/15/2030(b)(f)		260,000		257,781
				1,074,915
Total Corporate Bonds (Cost $177,518,958)				171,410,649
Foreign Corporate Bonds—7.03%
Administrative and Support Services—0.04%
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co-Issuer LLC
6.000%, 09/15/2028(b)		200,000		194,500
Air Transportation—0.76%
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.500%, 10/20/2025(b)		3,500,000		3,596,302
Chemical Manufacturing—0.09%
NOVA Chemicals Corp.
4.875%, 06/01/2024(b)(f)		205,000		207,813
5.250%, 06/01/2027(b)		230,000		230,973
				438,786
Computer and Electronic Product Manufacturing—0.18%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.450%, 10/01/2025		800,000		832,021
Credit Intermediation and Related Activities—3.13%
ABN AMRO Bank NV
3.324% to 03/13/2032, then 5 Year CMT Rate + 1.900%, 03/13/2037(a)(b)(f)		600,000		560,897

The accompanying notes are an integral part of these financial statements.

25

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.300%, 01/30/2032(f)	$	880,000	$	836,257
Banco Santander SA
1.849%, 03/25/2026		1,600,000		1,536,400
3.490%, 05/28/2030		400,000		400,742
Barclays PLC
2.852% to 05/07/2025, then SOFR + 2.714%, 05/07/2026(a)(f)		2,145,000		2,146,831
3.564% to 09/23/2030, then 5 Year CMT Rate + 2.900%, 09/23/2035(a)		1,000,000		956,452
BAT International Finance PLC
1.668%, 03/25/2026(f)		1,590,000		1,511,907
BNP Paribas SA
2.219% to 06/09/2025, then SOFR + 2.074%, 06/09/2026(a)(b)(f)		1,015,000		995,663
3.052% to 01/13/2030, then SOFR + 1.507%, 01/13/2031(a)(b)		615,000		598,915
HSBC Holdings PLC
2.633% to 11/07/2024, then SOFR + 1.402%, 11/07/2025(a)(f)		1,417,000		1,417,965
2.099% to 06/04/2025, then SOFR + 1.929%, 06/04/2026(a)(f)		200,000		195,224
4.950%, 03/31/2030		285,000		315,582
6.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%(a)(h)		910,000		935,025
Natwest Group PLC
3.032% to 11/28/2030, then 5 Year CMT Rate + 2.350%, 11/28/2035(a)(f)		2,170,000		2,012,465
Virgin Media Vendor Financing Notes IV DAC
5.000%, 07/15/2028(b)		350,000		332,899
				14,753,224
Food Manufacturing—0.17%
Grupo Bimbo SAB de CV
4.700%, 11/10/2047(b)		730,000		798,082
Management of Companies and Enterprises—1.40%
Altice France SA
5.500%, 01/15/2028(b)		760,000		711,520
Carnival Corp.
10.500%, 02/01/2026(b)		160,000		179,806
7.625%, 03/01/2026(b)		580,000		596,817
Credit Suisse Group AG
2.997% to 12/14/2022, then 3 Month LIBOR USD + 1.200%, 12/14/2023(a)(b)		1,145,000		1,155,316
3.869% to 01/12/2028, then 3 Month LIBOR USD + 1.410%, 01/12/2029(a)(b)		250,000		253,655
4.194% to 04/01/2030, then SOFR + 3.730%, 04/01/2031(a)(b)		560,000		582,115
3.091% to 05/14/2031, then SOFR + 1.730%, 05/14/2032(a)(b)(f)		830,000		787,363
Lloyds Banking Group PLC
1.627% to 05/11/2026, then 1 Year CMT Rate + 0.850%, 05/11/2027(a)(f)		1,610,000		1,529,346
3.369% to 12/14/2041, then 5 Year CMT Rate + 1.500%, 12/14/2046(a)(f)		920,000		809,317
				6,605,255
Mining (except Oil and Gas)—0.12%
Corp Nacional del Cobre de Chile
3.150%, 01/14/2030		300,000		291,158
Hudbay Minerals, Inc.
6.125%, 04/01/2029(b)(f)		260,000		266,210
				557,368
Oil and Gas Extraction—0.22%
Canadian Natural Resources Ltd.
6.250%, 03/15/2038		850,000		1,040,032

The accompanying notes are an integral part of these financial statements.

26

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Paper Manufacturing—0.06%
Intertape Polymer Group, Inc.
4.375%, 06/15/2029(b)	$	285,000	$	270,608
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—0.55%
Credit Suisse Group AG
3.800%, 06/09/2023		860,000		879,685
KazMunayGas National Co. JSC
5.375%, 04/24/2030(b)		705,000		749,943
Societe Generale SA
3.337% to 01/21/2032, then 1 Year CMT Rate + 1.600%, 01/21/2033(a)(b)(f)		975,000		938,587
				2,568,215
Support Activities for Transportation—0.09%
American Airlines Inc/AAdvantage Loyalty IP Ltd.(b)
5.500%, 04/20/2026		405,000		415,125
Telecommunications—0.12%
Vodafone Group PLC
4.875%, 06/19/2049(f)		500,000		554,959
Water Transportation—0.10%
Royal Caribbean Cruises Ltd.
5.500%, 04/01/2028(b)(f)		460,000		451,396
Total Foreign Corporate Bonds (Cost $34,151,282)				33,075,873
Foreign Government Agency Issues—0.87%
Asian Development Bank
1.500%, 01/20/2027		845,000		833,122
Development Bank of Japan, Inc.
1.000%, 08/27/2030(b)		260,000		236,952
European Investment Bank
1.375%, 03/15/2027		330,000		324,216
0.625%, 10/21/2027(f)		165,000		154,006
Inter-American Development Bank
1.500%, 01/13/2027		1,370,000		1,354,356
Province of Ontario Canada
2.125%, 01/21/2032		865,000		851,403
Southern Gas Corridor CJSC
6.875%, 03/24/2026(b)		300,000		336,285
Total Foreign Government Agency Issues (Cost $4,167,943)				4,090,340
Foreign Government Notes/Bonds—4.48%
Abu Dhabi Government International Bond
4.125%, 10/11/2047(b)		600,000		668,870
Brazilian Government International Bond
5.625%, 02/21/2047		800,000		757,936
Colombia Government International Bond
4.000%, 02/26/2024		590,000		600,121
3.875%, 04/25/2027		150,000		144,646
3.000%, 01/30/2030		570,000		491,890
Croatia Government International Bond
6.000%, 01/26/2024(b)		545,000		581,881
Dominican Republic International Bond
6.875%, 01/29/2026(b)		330,000		360,528
6.850%, 01/27/2045(b)		560,000		550,416

The accompanying notes are an integral part of these financial statements.

27

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Hungary Government International Bond
7.625%, 03/29/2041	$	560,000	$	819,079
Indonesia Government International Bond
4.350%, 01/08/2027(b)		550,000		588,505
5.250%, 01/17/2042(b)		410,000		461,218
Kazakhstan Government International Bond
5.125%, 07/21/2025(b)		550,000		590,555
Mexico Government International Bond
4.150%, 03/28/2027(f)		200,000		213,377
4.350%, 01/15/2047(f)		940,000		876,456
Morocco Government International Bond
4.250%, 12/11/2022(b)		200,000		203,420
5.500%, 12/11/2042(b)		150,000		149,119
Namibia International Bonds
5.250%, 10/29/2025(b)		550,000		561,787
Nigeria Government International Bond
7.875%, 02/16/2032(b)		535,000		493,762
Oman Government International Bond
5.375%, 03/08/2027(b)		1,280,000		1,302,259
Panama Government International Bond
3.750%, 03/16/2025		800,000		822,520
Paraguay Government International Bond
4.700%, 03/27/2027(b)		715,000		745,216
Peruvian Government International Bond
2.392%, 01/23/2026		480,000		471,715
8.750%, 11/21/2033		380,000		555,754
Philippine Government International Bond
3.950%, 01/20/2040		640,000		632,670
Qatar Government International Bond
4.625%, 06/02/2046(b)		780,000		917,631
Republic of Azerbaijan International Bond
4.750%, 03/18/2024(b)		720,000		745,988
Republic of South Africa Government International Bond
4.875%, 04/14/2026(f)		200,000		205,737
4.850%, 09/27/2027(f)		893,000		900,885
4.300%, 10/12/2028		150,000		144,390
5.000%, 10/12/2046		150,000		122,700
Romanian Government International Bond
6.125%, 01/22/2044(b)		975,000		1,115,263
Saudi Government International Bond
4.500%, 10/26/2046(b)		755,000		818,927
Sri Lanka Government International Bond
6.750%, 04/18/2028(b)		295,000		131,909
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026(b)		800,000		808,008
Turkey Government International Bond
6.000%, 01/14/2041		515,000		396,895
Ukraine Government International Bond
7.253%, 03/15/2033(b)		690,000		241,673
Uruguay Government International Bond
4.375%, 01/23/2031(f)		505,000		555,126
5.100%, 06/18/2050		305,000		365,294
Total Foreign Government Notes/Bonds (Cost $22,679,374)				21,114,126

The accompanying notes are an integral part of these financial statements.

28

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Non-Agency Mortgage Backed Securities—5.12%
Angel Oak Mortgage Trust
2019-6, 2.620%, 11/25/2059(b)(d)	$	135,180	$	135,140
Bank
2021-BNK31, 1.739%, 02/15/2054		454,000		433,345
BBCMS Mortgage Trust
2021-C11, 1.390%, 09/15/2054(d)(e)		7,994,304		779,971
BB-UBS Trust
2012-SHOW, 3.430%, 11/05/2036(b)		1,646,000		1,662,447
Benchmark Mortgage Trust
2021-B23, 1.766%, 02/15/2054		612,000		585,901
2021-B26, 0.999%, 06/15/2054(d)(e)		9,541,144		591,289
2021-B31 D, 2.250%, 12/15/2054(b)		278,000		219,539
2021-B31 C, 3.195%, 12/15/2054(d)		415,000		393,901
BX Commercial Mortgage Trust
2021-VOLT, 1.841% (1 Month LIBOR USD + 1.650%), 09/15/2036(b)(c)		1,085,000		1,047,642
BX Trust
2021-SDMF, 1.778% (1 Month LIBOR USD + 1.587%), 09/15/2034(b)(c)		653,000		624,711
2019-OC11, 3.202%, 12/09/2041(b)		971,000		973,321
Citigroup Commercial Mortgage Trust
2013-GCJ11, 3.732%, 04/10/2046(d)		455,000		458,911
2013-GC17, 5.095%, 11/10/2046(d)		145,000		148,192
2014-GC25, 0.958%, 10/10/2047(d)(e)		1,359,282		28,001
2015-GC27, 1.330%, 02/10/2048(d)(e)		995,956		32,063
2018-C6, 4.412%, 11/10/2051		445,000		486,493
COMM Mortgage Trust
2012-CCRE4, 3.251%, 10/15/2045		476,000		474,982
2014-UBS2, 3.472%, 03/10/2047		310,314		315,302
2014-CR16, 0.949%, 04/10/2047(d)(e)		1,250,634		21,877
2014-LC15, 1.060%, 04/10/2047(d)(e)		1,223,170		21,280
2014-CR17, 0.957%, 05/10/2047(d)(e)		1,051,908		17,981
2014-UBS3, 1.064%, 06/10/2047(d)(e)		876,718		16,798
2014-UBS6, 0.855%, 12/10/2047(d)(e)		1,494,405		29,532
2014-CCRE21, 3.987%, 12/10/2047		281,514		287,189
2015-LC21, 3.708%, 07/10/2048		100,000		103,158
2015-CCRE25, 3.759%, 08/10/2048		340,000		353,317
Connecticut Avenue Securities Trust
2021-R01, 1.600% (SOFR30A + 1.550%), 10/25/2041(b)(c)		480,000		471,984
2022-R01, 1.950% (SOFR30A + 1.900%), 12/25/2041(b)(c)		1,070,000		1,048,225
CSAIL Commercial Mortgage Trust
2019-C17, 3.016%, 09/15/2029		850,000		857,230
2016-C7, 3.502%, 11/15/2049		275,000		283,293
2015-C1, 4.044%, 04/15/2050(d)		450,000		447,014
2015-C2, 0.742%, 06/15/2057(d)(e)		1,506,309		28,508
GS Mortgage Securities Trust
2012-GCJ7, 4.740%, 05/10/2045		405,000		405,292
2012-GCJ9, 3.747%, 11/10/2045(b)		345,000		347,635
2014-GC18, 1.039%, 01/10/2047(d)(e)		3,319,073		53,305
2014-GC26, 0.956%, 11/10/2047(d)(e)		1,956,943		43,140
2015-GC34, 3.278%, 10/10/2048		105,697		107,334
Hilton USA Trust
2016-HHV, 3.719%, 11/05/2038(b)		283,000		292,888
Hudson Yards Mortgage Trust
2019-55HY, 2.943%, 12/10/2041(b)(d)		865,000		862,239

The accompanying notes are an integral part of these financial statements.

29

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
J.P. Morgan Chase Commercial Mortgage Securities Trust
2012-HSBC B, 3.722%, 07/05/2032(b)	$	805,000	$	807,541
2012-HSBC C, 4.021%, 07/05/2032(b)		631,000		633,168
2022-OPO, 3.377%, 01/05/2039(b)		501,000		492,937
JPMBB Commercial Mortgage Securities Trust
2015-C31, 3.801%, 08/15/2048		312,741		323,438
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9, 2.657%, 05/15/2046		160,602		161,219
Morgan Stanley Capital I Trust
2015-MS1, 3.779%, 05/15/2048(d)		200,000		207,254
2018-L1, 4.721%, 10/15/2051(d)		325,000		346,843
New Residential Mortgage Loan Trust
2019-NQM5, 2.710%, 11/25/2059(b)(d)		202,865		203,636
OBX Trust
2019-EXP3, 1.008% (1 Month LIBOR USD + 0.900%), 10/25/2059(b)(c)		9,052		9,075
2021-NQM3, 1.054%, 07/25/2061(b)(d)		918,150		889,162
Starwood Mortgage Residential Trust
2019-INV1, 2.610%, 09/27/2049(b)(d)		64,472		64,788
UBS Commercial Mortgage Trust
2017-C2, 3.487%, 08/15/2050		1,025,000		1,059,314
2017-C4 A4, 3.563%, 10/15/2050		460,500		476,891
2017-C4 AS, 3.836%, 10/15/2050(d)		200,000		205,603
2018-C14, 3.379%, 12/15/2051		367,624		371,108
UBS-Barclays Commercial Mortgage Trust
2013-C6, 2.788%, 04/10/2046		64,537		64,800
Verus Securitization Trust
2019-4, 2.642%, 11/25/2059(b)		75,549		75,756
Wells Fargo Commercial Mortgage Trust
2015-C29, 3.637%, 06/15/2048		130,000		133,974
2016-LC24, 2.942%, 10/15/2049		280,000		282,695
2017-C39, 3.418%, 09/15/2050		260,000		269,087
2017-C40, 2.110%, 10/15/2050		11,912		11,909
2018-C46, 4.152%, 08/15/2051		160,000		171,991
2018-C48, 4.302%, 01/15/2052		625,000		679,068
2016-LC25, 3.640%, 12/15/2059		315,000		327,541
WFRBS Commercial Mortgage Trust
2014-LC14, 1.246%, 03/15/2047(d)(e)		730,051		13,856
2014-C22, 0.790%, 09/15/2057(d)(e)		3,042,777		48,559
2014-C22, 4.069%, 09/15/2057(d)		290,000		298,531
Total Non-Agency Mortgage Backed Securities (Cost $25,673,356)				24,120,114
Agency Mortgage Backed Securities—29.98%
Fannie Mae Connecticut Avenue Securities
2017-C03, 3.187% (1 Month LIBOR USD + 3.000%), 10/25/2029(c)		1,348,651		1,378,108
2017-C04, 3.037% (1 Month LIBOR USD + 2.850%), 11/25/2029(c)		301,691		307,933
2017-C05, 2.387% (1 Month LIBOR USD + 2.200%), 01/25/2030(c)		667,892		678,426
2017-C06, 2.987% (1 Month LIBOR USD + 2.800%), 02/25/2030(c)		1,404,400		1,434,862
2017-C07 1M2, 2.587% (1 Month LIBOR USD + 2.400%), 05/25/2030(c)		709,954		719,663
2017-C07 2M2, 2.687% (1 Month LIBOR USD + 2.500%), 05/25/2030(c)		607,564		615,004
2018-C01, 2.437% (1 Month LIBOR USD + 2.250%), 07/25/2030(c)		1,610,699		1,627,056
2018-C02, 2.387% (1 Month LIBOR USD + 2.200%), 08/25/2030(c)		1,461,750		1,469,201
2018-C03, 2.337% (1 Month LIBOR USD + 2.150%), 10/25/2030(c)		1,065,893		1,081,002
2018-C04, 2.737% (1 Month LIBOR USD + 2.550%), 12/25/2030(c)		1,913,722		1,942,058
Fannie Mae Interest Strip
4.000%, 08/25/2043(e)		1,483,764		243,598

The accompanying notes are an integral part of these financial statements.

30

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Fannie Mae Pool
MA0096, 4.500%, 06/01/2029	$	3,619	$	3,826
AB3000, 4.500%, 05/01/2031		9,596		10,184
BT1825, 2.000%, 06/01/2036		163,053		162,134
AB1389, 4.500%, 08/01/2040		28,351		30,641
MA0510, 4.500%, 09/01/2040		330		357
AE8714, 3.500%, 11/01/2040		10,902		11,468
890310, 4.500%, 12/01/2040		6,774		7,357
AH3952, 4.000%, 01/01/2041		83,081		88,782
AL0791, 4.000%, 02/01/2041		30,846		33,092
AE0954, 4.500%, 02/01/2041		23,959		26,024
AS7001, 3.000%, 04/01/2041		600,027		618,213
AL0245, 4.000%, 04/01/2041		6,343		6,805
AL0065, 4.500%, 04/01/2041		11,482		12,473
AB3194, 4.500%, 06/01/2041		8,092		8,796
AH7395, 4.500%, 06/01/2041		2,969		3,151
FM0040, 3.000%, 10/01/2041		103,046		106,147
AL1547, 4.500%, 11/01/2041		4,777		5,164
AJ9278, 3.500%, 12/01/2041		5,690		5,977
AJ6346, 3.500%, 12/01/2041		18,486		19,447
AK6744, 4.000%, 03/01/2042		36,520		39,083
AO1214, 3.500%, 04/01/2042		63,308		66,604
AK9393, 3.500%, 04/01/2042		11,354		11,926
AK6568, 3.500%, 04/01/2042		23,726		24,971
AL4029, 4.500%, 04/01/2042		34,003		36,936
AL7306, 4.500%, 09/01/2042		19,489		20,984
AP8743, 3.500%, 10/01/2042		172,310		181,250
AL3714, 3.500%, 01/01/2043		16,197		17,022
AL2897, 3.500%, 01/01/2043		25,418		26,749
AQ9330, 3.500%, 01/01/2043		22,549		23,618
AB7965, 3.500%, 02/01/2043		14,220		14,960
AT1001, 3.500%, 04/01/2043		17,115		18,010
AT2021, 3.500%, 04/01/2043		15,368		16,137
AB9046, 3.500%, 04/01/2043		43,952		46,259
AB9260, 3.500%, 05/01/2043		44,210		46,512
AU0949, 3.500%, 08/01/2043		37,705		39,730
AS0212, 3.500%, 08/01/2043		37,687		39,658
AU3751, 4.000%, 08/01/2043		74,537		79,800
AS0531, 4.000%, 09/01/2043		34,130		36,633
AU6857, 4.000%, 09/01/2043		35,308		37,693
AU4658, 4.500%, 09/01/2043		5,717		6,082
MA1600, 3.500%, 10/01/2043		17,090		17,977
AS1042, 4.000%, 11/01/2043		28,738		30,767
AL4450, 4.500%, 12/01/2043		14,481		15,773
AS1333, 4.500%, 12/01/2043		12,804		13,793
AS1559, 4.000%, 01/01/2044		18,699		20,104
AS2516, 4.500%, 05/01/2044		14,641		15,883
MA1926, 4.500%, 06/01/2044		16,353		17,784
AS2751, 4.500%, 06/01/2044		17,116		18,509
AL6223, 4.500%, 08/01/2044		16,113		17,529
AX0118, 4.000%, 09/01/2044		131,351		139,761
AX2491, 4.000%, 10/01/2044		9,184		9,770
AS3467, 4.000%, 10/01/2044		11,619		12,384
AL6432, 4.000%, 01/01/2045		27,423		29,408

The accompanying notes are an integral part of these financial statements.

31

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
AL6520, 4.000%, 02/01/2045	$	102,858	$	110,022
AZ0814, 3.500%, 07/01/2045		30,852		32,325
AZ0862, 3.500%, 07/01/2045		51,179		53,572
BM1953, 3.500%, 08/01/2045		64,196		67,532
AZ4775, 3.500%, 10/01/2045		13,050		13,616
AZ4788, 4.000%, 10/01/2045		280,471		297,867
AS6311, 3.500%, 12/01/2045		18,926		19,799
CA2929, 3.500%, 12/01/2045		117,912		123,728
AS6405, 4.000%, 12/01/2045		229,716		244,677
AS6464, 3.500%, 01/01/2046		24,384		25,592
BC4114, 3.500%, 02/01/2046		138,521		144,590
AL8219, 4.000%, 02/01/2046		251,904		268,886
AS6795, 4.000%, 03/01/2046		57,486		60,897
AL8387, 4.000%, 03/01/2046		570,647		609,832
BC0305, 4.000%, 03/01/2046		55,093		58,503
FM1370, 3.000%, 04/01/2046		36,977		37,961
BC0793, 3.500%, 04/01/2046		128,330		134,124
BC0835, 4.000%, 04/01/2046		120,913		128,741
AS7248, 4.000%, 05/01/2046		62,195		66,318
AS7200, 4.500%, 05/01/2046		6,553		6,944
AS7388, 3.500%, 06/01/2046		559,498		586,475
AL9282, 4.000%, 06/01/2046		89,901		95,623
AL8735, 4.000%, 06/01/2046		131,806		140,717
AS7401, 4.000%, 06/01/2046		49,992		53,254
AS7580, 3.000%, 07/01/2046		119,468		122,480
AS7492, 4.000%, 07/01/2046		26,129		27,666
AS7801, 3.500%, 08/01/2046		118,803		123,817
MA2737, 3.000%, 09/01/2046		661,609		678,001
MA2771, 3.000%, 10/01/2046		100,550		102,640
AS8056, 3.000%, 10/01/2046		64,699		66,279
BM3932, 3.500%, 10/01/2046		97,224		101,417
AS8269, 3.000%, 11/01/2046		83,310		85,326
BE2975, 4.000%, 01/01/2047		115,907		122,322
AS8699, 4.000%, 01/01/2047		25,203		26,609
AS8661, 4.000%, 01/01/2047		84,973		89,931
AS8659, 4.000%, 01/01/2047		32,788		34,657
MA2872, 4.500%, 01/01/2047		75,679		81,006
AS8700, 4.500%, 01/01/2047		30,839		33,011
BE5475, 3.500%, 02/01/2047		42,068		43,654
AL9879, 3.500%, 02/01/2047		1,550,907		1,623,772
AL9916, 4.000%, 02/01/2047		130,178		138,455
FM4894, 4.000%, 03/01/2047		494,650		525,246
AS8966, 4.000%, 03/01/2047		24,562		25,904
AS8982, 4.500%, 03/01/2047		10,500		11,202
CA5843, 3.000%, 04/01/2047		126,304		128,259
FM1000, 3.000%, 04/01/2047		236,854		241,585
MA2959, 3.500%, 04/01/2047		92,253		96,594
BM5784, 3.500%, 05/01/2047		119,787		125,114
BM5347, 3.500%, 05/01/2047		104,965		109,571
BM5348, 3.500%, 05/01/2047		54,539		56,957
AS9536, 3.500%, 05/01/2047		47,324		49,292
BE3619, 4.000%, 05/01/2047		105,504		111,456
MA3008, 4.500%, 05/01/2047		21,781		23,134
AS9829, 3.500%, 06/01/2047		43,651		45,408

The accompanying notes are an integral part of these financial statements.

32

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
BE3702, 4.000%, 06/01/2047	$	57,187	$	60,319
AS9831, 4.000%, 06/01/2047		64,370		68,042
AS9664, 4.000%, 06/01/2047		27,943		29,499
BM5179, 3.000%, 07/01/2047		74,954		76,912
BE3767, 3.500%, 07/01/2047		54,105		56,312
CA0062, 4.000%, 07/01/2047		54,600		57,487
MA3121, 4.000%, 09/01/2047		617,243		650,198
FM4019, 3.500%, 10/01/2047		499,667		519,168
CA0559, 4.500%, 10/01/2047		63,895		68,050
FM1467, 3.000%, 12/01/2047		74,304		76,572
MA3210, 3.500%, 12/01/2047		127,057		132,028
BH7058, 3.500%, 12/01/2047		138,567		143,444
FM2897, 3.000%, 02/01/2048		235,915		241,529
CA4140, 3.000%, 02/01/2048		75,143		76,747
CA1535, 3.500%, 02/01/2048		26,970		27,982
BJ8783, 3.500%, 02/01/2048		85,258		88,606
MA3278, 4.500%, 02/01/2048		282,810		300,392
CA1218, 4.500%, 02/01/2048		49,458		52,350
BM3590, 3.500%, 03/01/2048		113,753		118,173
FM5923, 3.500%, 03/01/2048		683,440		709,430
BJ0648, 3.500%, 03/01/2048		54,721		56,703
BJ0650, 3.500%, 03/01/2048		56,603		58,673
BM3900, 4.000%, 04/01/2048		107,481		113,125
CA1710, 4.500%, 05/01/2048		79,851		84,676
FM1572, 3.000%, 09/01/2048		232,473		238,394
FM2385, 3.000%, 09/01/2048		144,523		147,208
FM2915, 3.000%, 11/01/2048		516,229		531,737
BM5024, 3.000%, 11/01/2048		63,518		64,608
FM5108, 3.500%, 11/01/2048		705,205		735,700
FM1239, 3.500%, 11/01/2048		84,953		87,954
CA2922, 3.000%, 12/01/2048		211,256		214,219
FM2239, 3.000%, 12/01/2048		127,341		130,309
FM1051, 4.500%, 05/01/2049		203,276		215,323
FM4895, 4.000%, 06/01/2049		468,672		492,727
CA3683, 4.500%, 06/01/2049		78,479		83,157
BO2201, 3.000%, 09/01/2049		181,467		183,507
CA4571, 4.000%, 11/01/2049		471,315		492,672
BO6164, 3.000%, 01/01/2050		78,651		79,757
BO8947, 3.000%, 01/01/2050		103,159		104,274
FM3619, 4.500%, 01/01/2050		135,247		142,979
BP2099, 3.000%, 02/01/2050		433,361		439,430
BP1424, 3.000%, 03/01/2050		148,335		149,932
FM7592, 3.500%, 03/01/2050		713,273		736,865
FM4334, 3.000%, 04/01/2050		211,124		214,130
CA5519, 3.000%, 04/01/2050		88,748		89,876
MA3992, 3.500%, 04/01/2050		180,868		186,887
CA5559, 3.500%, 04/01/2050		731,468		755,520
CA5668, 3.000%, 05/01/2050		337,021		341,245
CA5670, 3.000%, 05/01/2050		142,120		143,652
CA6086, 3.000%, 06/01/2050		1,420,496		1,435,465
BP6466, 3.000%, 07/01/2050		213,396		216,011
CA6291, 3.000%, 07/01/2050		106,030		107,368
BP6481, 4.500%, 07/01/2050		37,786		40,061
BQ0239, 2.500%, 08/01/2050		213,750		211,786

The accompanying notes are an integral part of these financial statements.

33

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
BQ0188, 3.000%, 08/01/2050	$	116,501	$	117,882
BK3044, 2.500%, 09/01/2050		357,300		353,814
BP6716, 2.500%, 09/01/2050		372,409		368,289
MA4121, 3.000%, 09/01/2050		653,474		661,219
FM9143, 4.500%, 09/01/2050		179,740		189,966
MA4160, 3.000%, 10/01/2050		547,922		553,846
MA4170, 4.500%, 10/01/2050		470,324		496,435
FM7475, 4.500%, 10/01/2050		30,039		31,722
MA4208, 2.000%, 12/01/2050		2,599,260		2,500,706
FM5316, 2.000%, 12/01/2050		209,626		201,663
MA4237, 2.000%, 01/01/2051		218,111		209,835
BR1269, 2.500%, 01/01/2051		843,792		833,731
MA4256, 2.500%, 02/01/2051		758,772		749,794
FM6289, 3.000%, 02/01/2051		612,479		619,821
MA4282, 2.500%, 03/01/2051		482,865		477,769
BR7795, 2.500%, 04/01/2051		749,543		741,263
MA4306, 2.500%, 04/01/2051		305,785		302,398
MA4307, 3.000%, 04/01/2051		943,778		954,910
MA4325, 2.000%, 05/01/2051		747,775		717,985
FM7189, 2.500%, 05/01/2051		537,719		531,790
BT2488, 2.500%, 05/01/2051		481,830		476,369
MA4326, 2.500%, 05/01/2051		504,633		498,619
BT0417, 2.500%, 06/01/2051		325,242		321,658
MA4356, 2.500%, 06/01/2051		993,539		982,564
FM7738, 2.500%, 06/01/2051		540,381		534,250
MA4357, 3.000%, 06/01/2051		746,484		754,585
MA4378, 2.000%, 07/01/2051		700,202		672,790
CB1027, 2.500%, 07/01/2051		276,127		273,033
MA4379, 2.500%, 07/01/2051		393,569		388,876
CB1038, 2.500%, 07/01/2051		353,171		349,279
BT1339, 2.500%, 07/01/2051		800,603		791,423
FM8178, 2.500%, 07/01/2051		833,960		824,550
MA4380, 3.000%, 07/01/2051		1,040,093		1,052,355
MA4399, 2.500%, 08/01/2051		1,786,705		1,766,482
BT3273, 2.500%, 08/01/2051		839,893		830,397
FM8360, 2.500%, 08/01/2051		391,697		387,998
MA4401, 3.500%, 08/01/2051		288,242		297,248
MA4437, 2.000%, 10/01/2051		660,630		634,473
MA4493, 2.500%, 12/01/2051		468,446		462,860
FS0121, 2.000%, 01/01/2052		819,216		786,735
Fannie Mae REMICS
2012-70, 5.892% (1 Month LIBOR USD + 6.000%), 07/25/2042(c)(e)		1,080,020		196,427
2012-68, 5.942% (1 Month LIBOR USD + 6.050%), 07/25/2042(c)(e)		1,812,517		353,384
2013-6, 5.992% (1 Month LIBOR USD + 6.100%), 02/25/2043(c)(e)		1,161,613		216,907
2013-18, 5.992% (1 Month LIBOR USD + 6.100%), 03/25/2043(c)(e)		1,172,113		203,994
2014-90, 6.042% (1 Month LIBOR USD + 6.150%), 01/25/2045(c)(e)		1,749,281		300,454
2015-32, 6.092% (1 Month LIBOR USD + 6.200%), 05/25/2045(c)(e)		1,140,945		234,457
2016-03, 4.000%, 02/25/2046(e)		520,515		83,558
2016-40, 5.742% (1 Month LIBOR USD + 5.850%), 07/25/2046(c)(e)		717,474		120,760
2018-07, 4.000%, 02/25/2048(e)		1,450,525		216,556
2020-52, 4.500%, 08/25/2050(e)		1,304,971		256,715
Freddie Mac Gold Pool
G1-3122, 5.000%, 04/01/2023		96		98
G1-4953, 3.500%, 01/01/2029		19,287		20,036

The accompanying notes are an integral part of these financial statements.

34

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
A8-6315, 4.500%, 05/01/2039	$	16,399	$	17,794
A8-6521, 4.500%, 05/01/2039		30,618		33,309
A9-3617, 4.500%, 08/01/2040		2,493		2,686
Q0-0285, 4.500%, 04/01/2041		4,367		4,750
Q0-0876, 4.500%, 05/01/2041		26,944		29,097
Q0-2173, 4.500%, 07/01/2041		17,950		19,511
Q0-3705, 4.000%, 10/01/2041		17,352		18,182
C0-3795, 3.500%, 04/01/2042		136,210		143,409
Q0-9004, 3.500%, 06/01/2042		12,274		12,899
C0-9004, 3.500%, 07/01/2042		12,928		13,614
Q0-9896, 3.500%, 08/01/2042		16,642		17,525
Q1-1348, 3.500%, 09/01/2042		35,634		37,513
Q1-8305, 3.500%, 05/01/2043		13,895		14,602
Q1-9475, 3.500%, 06/01/2043		24,732		25,967
G6-0030, 3.500%, 07/01/2043		77,196		81,342
Q2-0780, 3.500%, 08/01/2043		29,294		30,834
Q2-0857, 3.500%, 08/01/2043		19,082		20,091
G0-7459, 3.500%, 08/01/2043		15,186		15,990
G0-8541, 3.500%, 08/01/2043		26,933		28,361
V8-0509, 4.000%, 10/01/2043		16,182		17,379
G0-8558, 4.000%, 11/01/2043		18,443		19,782
Q2-6367, 4.000%, 05/01/2044		4,959		5,312
Q2-6513, 4.500%, 06/01/2044		12,260		12,978
Q2-9916, 4.000%, 11/01/2044		21,447		22,963
Q4-5219, 3.500%, 01/01/2045		88,016		92,468
G0-7961, 3.500%, 03/01/2045		20,831		21,891
G0-8633, 4.000%, 03/01/2045		41,683		44,734
G0-8636, 3.500%, 04/01/2045		24,889		26,068
G0-8637, 4.000%, 04/01/2045		21,329		22,804
Q3-3869, 4.000%, 06/01/2045		14,265		15,279
Q3-5225, 3.500%, 08/01/2045		12,413		12,978
G0-8659, 3.500%, 08/01/2045		68,533		71,772
G0-8660, 4.000%, 08/01/2045		82,600		88,295
V8-1873, 4.000%, 08/01/2045		18,966		20,275
G0-8672, 4.000%, 10/01/2045		13,940		14,869
V8-1992, 4.000%, 10/01/2045		260,406		278,062
G0-8676, 3.500%, 11/01/2045		29,478		30,842
G6-0480, 4.500%, 11/01/2045		12,768		13,807
G0-8681, 3.500%, 12/01/2045		21,985		23,024
G0-8682, 4.000%, 12/01/2045		27,804		29,670
Q3-8473, 4.000%, 01/01/2046		28,812		30,612
Q3-8470, 4.000%, 01/01/2046		16,588		17,695
G0-8694, 4.000%, 02/01/2046		16,459		17,560
Q3-9644, 3.500%, 03/01/2046		95,534		99,882
G0-8693, 3.500%, 03/01/2046		4,973		5,208
Q3-9434, 3.500%, 03/01/2046		4,613		4,830
Q3-9438, 4.000%, 03/01/2046		88,170		93,769
G0-8699, 4.000%, 03/01/2046		43,491		46,241
G0-8702, 3.500%, 04/01/2046		51,788		54,140
Q4-0718, 3.500%, 05/01/2046		142,053		148,714
G0-8706, 3.500%, 05/01/2046		23,611		24,861
Q4-0375, 3.500%, 05/01/2046		31,199		32,615
G0-8708, 4.500%, 05/01/2046		35,938		38,648
Q4-1208, 3.500%, 06/01/2046		72,247		75,614

The accompanying notes are an integral part of these financial statements.

35

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
Q4-5458, 4.000%, 08/01/2046	$	69,932	$	74,344
G0-8721, 3.000%, 09/01/2046		48,393		49,629
G0-8735, 4.500%, 10/01/2046		51,477		55,378
G0-8741, 3.000%, 01/01/2047		874,040		895,102
G0-8743, 4.000%, 01/01/2047		42,269		44,865
Q4-6279, 3.500%, 02/01/2047		60,991		63,560
Q4-6283, 4.000%, 02/01/2047		51,924		54,802
G0-8752, 4.000%, 03/01/2047		20,484		21,841
Q4-6539, 4.500%, 03/01/2047		3,511		3,714
G0-8757, 3.500%, 04/01/2047		9,352		9,761
G0-8759, 4.500%, 04/01/2047		16,627		17,783
V8-3204, 4.500%, 05/01/2047		38,621		41,042
Q4-9100, 4.000%, 07/01/2047		107,222		113,013
Q4-9394, 4.500%, 07/01/2047		75,438		80,643
Q4-9888, 3.500%, 08/01/2047		47,668		49,658
Q5-0109, 3.500%, 08/01/2047		11,601		12,080
Q5-0035, 3.500%, 08/01/2047		72,767		75,832
G6-1228, 4.000%, 08/01/2047		138,992		146,855
G0-8779, 3.500%, 09/01/2047		203,869		211,978
G0-8785, 4.000%, 10/01/2047		106,754		112,139
Q5-2319, 3.500%, 11/01/2047		153,039		158,958
G6-1631, 3.500%, 11/01/2047		179,235		187,139
G6-1467, 4.000%, 11/01/2047		139,321		146,492
G6-1281, 3.500%, 01/01/2048		85,251		88,706
G0-8800, 3.500%, 02/01/2048		120,941		125,373
Q5-4463, 4.000%, 02/01/2048		74,890		79,299
G6-7710, 3.500%, 03/01/2048		162,295		169,141
Freddie Mac Multifamily Structured Pass Through Certificates
K-098, 1.391%, 08/25/2029(d)(e)		1,985,000		187,852
Freddie Mac Pool
SB-0525, 2.000%, 05/01/2036		441,355		438,869
RC-1914, 2.000%, 06/01/2036		463,750		461,137
ZS-9972, 3.000%, 03/01/2042		820,361		844,661
ZM-0630, 4.000%, 01/01/2046		609,208		650,372
ZT-0390, 4.000%, 03/01/2046		104,182		111,792
ZM-1590, 3.000%, 08/01/2046		624,543		639,036
SD-0035, 3.000%, 04/01/2047		527,980		542,981
ZM-4908, 3.500%, 11/01/2047		244,862		254,176
ZA-5250, 4.000%, 01/01/2048		226,043		237,957
ZS-4759, 3.500%, 03/01/2048		153,047		158,681
ZM-6197, 4.000%, 04/01/2048		564,464		594,359
SD-0298, 3.000%, 11/01/2048		369,400		377,682
ZN-2103, 4.500%, 12/01/2048		45,885		48,622
ZA-7141, 3.000%, 06/01/2049		75,265		76,352
SD-8005, 3.500%, 08/01/2049		734,104		758,688
SD-8013, 4.500%, 09/01/2049		115,273		122,053
SI-2009, 3.000%, 10/01/2049		448,584		456,112
QA-5549, 3.000%, 12/01/2049		274,737		278,409
QA-7325, 3.000%, 02/01/2050		194,883		197,718
QA-6750, 3.000%, 02/01/2050		150,251		152,323
QA-8311, 3.000%, 03/01/2050		215,910		219,753
SD-8068, 3.000%, 06/01/2050		621,916		628,996
RA-2970, 2.500%, 07/01/2050		201,840		200,397
SD-8074, 3.000%, 07/01/2050		92,803		93,803

The accompanying notes are an integral part of these financial statements.

36

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
SD-8075, 3.500%, 07/01/2050	$	552,011	$	570,290
QB-2682, 2.500%, 08/01/2050		150,261		148,759
SD-8084, 3.000%, 08/01/2050		268,924		271,824
SD-8086, 4.000%, 08/01/2050		237,720		248,508
RA-3484, 3.000%, 09/01/2050		321,015		324,479
SD-8098, 2.000%, 10/01/2050		2,522,427		2,426,674
QB-4785, 2.500%, 10/01/2050		211,566		209,367
QB-6037, 2.500%, 11/01/2050		155,650		153,987
SD-8122, 2.500%, 01/01/2051		453,564		448,720
SD-8123, 3.000%, 01/01/2051		646,865		654,446
RA-4527, 2.500%, 02/01/2051		312,890		309,414
SD-8129, 2.500%, 02/01/2051		614,644		609,188
SD-8135, 2.500%, 03/01/2051		219,756		217,607
QC-0945, 2.500%, 04/01/2051		885,899		876,090
SD-8147, 2.500%, 05/01/2051		504,661		498,646
QC-2565, 2.000%, 06/01/2051		567,971		545,760
QC-3907, 2.500%, 07/01/2051		486,122		480,764
QC-4235, 2.500%, 07/01/2051		795,173		785,691
SD-8156, 2.500%, 07/01/2051		462,687		457,582
SD-8160, 2.000%, 08/01/2051		865,506		831,458
QC-5978, 2.500%, 08/01/2051		675,876		668,436
QC-6209, 2.500%, 08/01/2051		413,754		408,820
RA-5855, 2.500%, 09/01/2051		770,843		762,367
SD-8169, 3.500%, 09/01/2051		130,858		134,907
SD-8184, 3.000%, 12/01/2051		221,179		223,579
SD-8189, 2.500%, 01/01/2052		1,164,987		1,151,095
Freddie Mac REMICS
4122, 4.000%, 10/15/2042(e)		1,154,328		179,492
4121, 6.009% (1 Month LIBOR USD + 6.200%), 10/15/2042(c)(e)		1,084,312		208,451
4159, 5.959% (1 Month LIBOR USD + 6.150%), 01/15/2043(c)(e)		1,484,571		302,334
4459, 4.000%, 08/15/2043(e)		2,232,930		339,609
4385, 4.500%, 09/15/2044(e)		225,744		35,289
4572, 5.859% (1 Month LIBOR USD + 6.050%), 04/15/2046(c)(e)		494,468		89,212
4583, 5.809% (1 Month LIBOR USD + 6.000%), 05/15/2046(c)(e)		517,406		86,152
4616, 5.809% (1 Month LIBOR USD + 6.000%), 09/15/2046(c)(e)		1,263,116		227,078
4623, 5.809% (1 Month LIBOR USD + 6.000%), 10/15/2046(c)(e)		1,096,376		233,453
4648, 5.809% (1 Month LIBOR USD + 6.000%), 01/15/2047(c)(e)		486,906		85,053
Freddie Mac Structured Agency Credit Risk Debt Notes
2017-HQA3, 2.458% (1 Month LIBOR USD + 2.350%), 04/25/2030(c)		872,499		884,022
2018-DNA1, 1.908% (1 Month LIBOR USD + 1.800%), 07/25/2030(c)		409,501		411,851
2018-HQA1, 2.408% (1 Month LIBOR USD + 2.300%), 09/25/2030(c)		736,146		743,158
2019-CS03, 0.108% (1 Month LIBOR USD + 0.000%), 10/25/2032(b)(c)		938,477		938,579
2021-DNA7, 0.900% (SOFR30A + 0.850%), 11/25/2041(b)(c)		1,987,000		1,964,464
2022-DNA2, 2.449% (SOFR30A + 2.400%), 02/25/2042(b)(c)		1,650,000		1,643,287
Ginnie Mae
#TBA, 3.000%, 03/15/2043		9,515,000		9,671,896
#TBA, 3.500%, 03/15/2045		300,000		309,574
#TBA, 2.500%, 03/20/2050		1,480,000		1,479,027
Ginnie Mae II Pool
MA0699M, 3.500%, 01/20/2043		27,912		29,320
MA0783M, 3.500%, 02/20/2043		38,012		40,406
MA0934M, 3.500%, 04/20/2043		26,897		28,594
MA3663M, 3.500%, 05/20/2046		48,664		50,892
MA3803M, 3.500%, 07/20/2046		18,995		19,880

The accompanying notes are an integral part of these financial statements.

37

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
MA4510M, 3.500%, 06/20/2047	$	77,968	$	81,266
MA4586M, 3.500%, 07/20/2047		107,272		111,797
MA4652M, 3.500%, 08/20/2047		72,272		75,404
MA4900M, 3.500%, 12/20/2047		54,557		56,915
MA6542M, 3.500%, 03/20/2050		307,412		317,869
MA6600M, 3.500%, 04/20/2050		22,284		23,059
MA6601M, 4.000%, 04/20/2050		102,583		107,286
MA7138M, 3.500%, 01/20/2051		273,059		282,347
MA7192M, 2.000%, 02/20/2051		329,651		323,766
MA7193M, 2.500%, 02/20/2051		340,881		341,400
MA7254M, 2.000%, 03/20/2051		335,714		329,280
MA7255M, 2.500%, 03/20/2051		838,073		839,008
MA7311M, 2.000%, 04/20/2051		954,202		936,774
MA7312M, 2.500%, 04/20/2051		918,133		919,157
MA7367M, 2.500%, 05/20/2051		336,150		336,524
MA7418M, 2.500%, 06/20/2051		701,423		702,206
MA7472M, 2.500%, 07/20/2051		453,744		454,251
MA7589M, 2.500%, 09/20/2051		1,071,558		1,072,755
MA7648M, 2.000%, 10/20/2051		320,188		313,716
MA7766M, 2.000%, 12/20/2051		521,969		511,391
MA7767M, 2.500%, 12/20/2051		248,122		248,400
Government National Mortgage Association
2013-23, 3.500%, 02/20/2043(e)		669,835		118,991
2015-162, 6.646% (1 Month LIBOR USD + 6.750%), 11/20/2045(c)(e)		1,018,902		206,678
2018-007, 6.096% (1 Month LIBOR USD + 6.200%), 01/20/2048(c)(e)		1,176,108		187,308
2021-116, 2.500%, 06/20/2051(e)		2,882,565		360,878
Uniform Mortgage Backed Securities
#TBA, 3.500%, 03/15/2041		2,370,000		2,441,193
#TBA, 3.000%, 03/15/2043		9,320,000		9,408,149
#TBA, 2.500%, 03/15/2047		8,430,000		8,317,437
#TBA, 2.000%, 05/25/2050		1,345,000		1,289,423
Total Agency Mortgage Backed Securities (Cost $143,059,331)				141,162,450
U.S. Government Agency Issues—0.45%
Federal Home Loan Mortgage Corp.
0.375%, 09/23/2025		225,000		214,487
Federal National Mortgage Association
0.500%, 11/07/2025		255,000		243,595
0.750%, 10/08/2027		745,000		701,190
0.875%, 08/05/2030		575,000		521,466
Tennessee Valley Authority
5.250%, 09/15/2039		320,000		428,866
Total U.S. Government Agency Issues (Cost $2,182,726)				2,109,604
U.S. Government Notes/Bonds—9.34%
United States Treasury Note/Bond
1.500%, 01/15/2023		2,120,000		2,129,285
0.250%, 04/15/2023		6,425,000		6,362,130
2.750%, 04/30/2023		6,670,000		6,792,327
0.625%, 07/31/2026		855,000		814,788
1.250%, 12/31/2026		395,000		386,205
1.875%, 02/15/2032		2,265,000		2,272,964
3.125%, 02/15/2042		730,000		831,373
3.125%, 02/15/2043		640,000		727,150

The accompanying notes are an integral part of these financial statements.

38

PMC CORE FIXED INCOME FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Principal Amount		Value
3.625%, 02/15/2044	$	3,395,000	$	4,161,925
3.125%, 08/15/2044		1,255,000		1,432,024
3.000%, 11/15/2044		1,813,300		2,030,825
3.000%, 05/15/2045		1,290,000		1,446,664
2.250%, 08/15/2046		2,130,000		2,102,543
3.000%, 05/15/2047		2,420,000		2,748,780
2.750%, 08/15/2047		740,000		808,248
3.000%, 02/15/2048		1,175,000		1,348,450
2.375%, 05/15/2051		4,980,000		5,177,449
1.875%, 11/15/2051		2,565,000		2,385,851
Total U.S. Government Notes/Bonds (Cost $44,940,356)				43,958,981
U.S. Treasury Bills—2.65%
United States Treasury Bill
0.301%, 05/19/2022(i)		1,265,000		1,264,177
0.355%, 06/16/2022(i)		6,230,000		6,222,635
0.579%, 09/08/2022(i)		5,000,000		4,982,717
Total U.S. Treasury Bills (Cost $12,472,490)				12,469,529
	Shares
Exchange Traded Funds—0.12%
iShares Core U.S. Aggregate Bond ETF		5,148		568,133
Total Exchange Traded Funds (Cost $593,629)				568,133
Investments Purchased With Collateral From Securities Lending—13.36%
Money Market Fund—13.36%
Mount Vernon Liquid Assets Portfolio, LLC, 0.120%(g)		62,887,790		62,887,790
Total Investments Purchased With Collateral From Securities Lending (Cost $62,887,790)				62,887,790
Short-Term Investments—2.04%
First American Government Obligations Fund, Class X, 0.026%(g)		9,584,953		9,584,953
Total Short-Term Investments (Cost $9,584,953)				9,584,953
Total Investments (Cost $583,935,651)—121.05%				569,872,826
Liabilities in Excess of Other Assets—(21.05)%				(99,109,063	)
Total Net Assets—100.00%			$	470,763,763

Percentages are stated as a percent of net assets.

^(a)  Variable rate security; the rate shown represents the rate at February 28, 2022.

^(b)  Securities issued under Rule 144A under the Securities Act of 1933. Such securities are deemed to be liquid.

^(c)  Floating rate security; the rate shown represents the rate at February 28, 2022. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(d)  Variable rate security; the rate shown represents the rate at February 28, 2022. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(e) Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.

^(f)  All or portion of this security is out on loan as of February 28, 2022. Total value of securities out on loan is $62,124,037.

^(g)  The rate shown represents the seven day yield at February 28, 2022.

^(h) Perpetual maturity. The date referenced is the next call date.

⁽ⁱ⁾  Rate shown is the effective yield based on purchase price. The calculation assumes the security is held to maturity.

Abbreviations

# TBA Pool number to be announced

The accompanying notes are an integral part of these financial statements.

39

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited)

	Shares		Value
Common Stocks—95.73%
Accommodation—0.14%
Caesars Entertainment, Inc.(a)(c)		5,883	$	495,290
GreenTree Hospitality Group Ltd.—ADR		1,760		9,997
Huazhu Group Ltd.—ADR(a)		1,461		60,427
MGM Resorts International		20,190		894,215
Vail Resorts, Inc.		193		50,286
				1,510,215
Administration of Human Resource Programs—0.01%
Hailiang Education Group, Inc.—ADR(a)		4,740		65,080
Administrative and Support Services—1.70%
9F, Inc.—ADR(a)		28,478		33,604
ABM Industries, Inc.		6,173		276,736
Alibaba Group Holding Ltd.—ADR(a)		24,410		2,567,688
Alliance Data Systems Corp.(c)		748		50,453
AMN Healthcare Services, Inc.(a)(c)		3,103		329,352
ASGN, Inc.(a)(c)		2,866		317,524
Atlas Copco AB—Class A—ADR		31,217		1,580,517
Atlas Copco AB—Class B—ADR		22,868		1,029,060
Baker Hughes Co.(c)		5,630		165,409
Bilibili, Inc.—ADR(a)(c)		3,228		102,037
Broadridge Financial Solutions, Inc.(c)		1,949		284,963
Cloudflare, Inc.—Class A(a)		7,949		925,423
Conduent, Inc.(a)(c)		34,726		169,116
Criteo SA—ADR(a)		26,893		894,461
Deutsche Post AG—ADR		45,317		2,260,865
Evolent Health, Inc.—Class A(a)		5,742		153,024
Expedia Group, Inc.(a)		467		91,583
Fortum OYJ—ADR		182,288		754,672
Genetron Holdings Ltd.—ADR(a)		2,414		8,087
HeadHunter Group PLC—ADR		3,254		40,838
Hillenbrand, Inc.		7,163		341,747
Jiayin Group, Inc.—ADR(a)		11,742		24,071
Kforce, Inc.		8,370		629,256
Korn Ferry		4,260		282,268
ManpowerGroup, Inc.		5,688		604,521
MasTec, Inc.(a)(c)		6,050		476,498
QIWI PLC—ADR(c)		29,317		147,904
Robert Half International, Inc.(c)		2,854		343,308
Secom Co. Ltd.—ADR		46,020		845,295
Teleperformance—ADR		912		167,917
TrueBlue, Inc.(a)		8,722		237,238
TTEC Holdings, Inc.(c)		4,901		389,630
Tuniu Corp.—ADR(a)(c)		13,367		14,035
Verizon Communications, Inc.		31,983		1,716,528
				18,255,628
Air Transportation—0.05%
Atlas Air Worldwide Holdings, Inc.(a)(c)		4,001		313,518
Controladora Vuela Cia de Aviacion SAB de CV—ADR(a)		8,674		165,587
Swire Pacific Ltd.—Class A—ADR		9,942		55,332
				534,437

The accompanying notes are an integral part of these financial statements.

40

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Ambulatory Health Care Services—0.75%
Acadia Healthcare Co., Inc.(a)		4,520	$	256,329
Accustem Sciences Ltd.—ADR(a)		54,218		6,506
Aesthetic Medical International Holdings Group Ltd.—ADR(a)		1,724		5,379
Amedisys, Inc.(a)(c)		1,476		236,514
Apollo Medical Holdings, Inc.(a)(c)		1,976		95,085
CareDx, Inc.(a)(c)		2,247		86,240
Laboratory Corp. of America Holdings(a)		6,841		1,855,689
MEDNAX, Inc.(a)		6,060		142,228
Medpace Holdings, Inc.(a)		2,731		417,761
Molina Healthcare, Inc.(a)		2,292		703,346
Novocure Ltd.(a)(b)		2,225		182,139
Option Care Health, Inc.(a)(c)		8,677		222,999
Progyny, Inc.(a)(c)		3,341		131,502
Quest Diagnostics, Inc.(c)		12,604		1,654,527
Sonic Healthcare Ltd.—ADR		79,231		2,012,468
				8,008,712
Animal Production and Aquaculture—0.06%
Cresud SACIF y A—ADR(a)		46,245		301,980
Mowi ASA—ADR		11,567		297,711
				599,691
Apparel Manufacturing—0.09%
ANTA Sports Products Ltd.—ADR(c)		1,423		545,991
Deckers Outdoor Corp.(a)(c)		984		284,022
Shenzhou International Group Holdings Ltd.—ADR(c)		9,675		162,347
				992,360
Beverage and Tobacco Product Manufacturing—1.34%
Altria Group, Inc.		46,119		2,365,444
Cia Cervecerias Unidas SA—ADR		8,418		134,520
Coca-Cola Consolidated, Inc.		599		297,661
Coca-Cola Femsa SAB de CV—ADR		10,110		556,657
Diageo PLC—ADR		9,601		1,917,223
Embotelladora Andina SA—Class A—ADR		5,829		61,729
Embotelladora Andina SA—Class B—ADR		7,036		91,468
Japan Tobacco, Inc.—ADR		173,052		1,583,426
Keurig Dr Pepper, Inc.		24,851		960,988
Kirin Holdings Co. Ltd.—ADR		34,440		578,248
Monster Beverage Corp.(a)		5,747		485,047
Philip Morris International, Inc.		40,044		4,047,247
Swedish Match AB—ADR(c)		132,422		958,735
Vector Group Ltd.(c)		24,177		271,024
				14,309,417
Broadcasting (except Internet)—1.26%
Altice USA, Inc.—Class A(a)(c)		64,783		748,891
Comcast Corp.—Class A		53,913		2,520,973
Discovery, Inc.—Class A(a)(c)		31,909		895,047
Discovery, Inc.—Class C(a)(c)		42,631		1,192,389
DISH Network Corp.—Class A(a)(c)		46,363		1,481,761
EW Scripps Co.—Class A(a)(c)		8,631		192,126
Fox Corp.—Class A(c)		40,374		1,688,844
Fox Corp.—Class B		28,973		1,108,507

The accompanying notes are an integral part of these financial statements.

41

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Grupo Televisa SAB—ADR		35,988	$	383,992
Nexstar Media Group, Inc.—Class A(c)		3,535		654,152
Paramount Global—Class A(c)		19,630		668,402
Paramount Global—Class B(c)		41,276		1,263,458
ProSiebenSat.1 Media SE—ADR		128,469		431,656
Roku, Inc.(a)(c)		657		91,671
WideOpenWest, Inc.(a)		10,933		185,752
				13,507,621
Building Material and Garden Equipment and Supplies Dealers—0.66%
Home Depot, Inc.		5,850		1,847,606
Lowe’s Companies, Inc.		13,903		3,073,396
Snap-on, Inc.(c)		9,993		2,100,329
				7,021,331
Chemical Manufacturing—7.14%
Abbott Laboratories		11,542		1,392,196
AbbVie, Inc.		14,167		2,093,458
Albemarle Corp.(c)		300		58,767
Alkermes PLC(a)(b)		13,203		328,227
Alterity Therapeutics Ltd.—ADR(a)(c)		82,386		70,028
Arkema SA—ADR		8,071		1,063,031
Asahi Kasei Corp.—ADR		11,172		210,480
Astellas Pharma, Inc.—ADR		55,713		929,293
AstraZeneca PLC—ADR		29,072		1,769,903
Bicycle Therapeutics PLC—ADR(a)		1,906		90,535
BioLine RX Ltd.—ADR(a)(c)		19,489		29,623
Biondvax Pharmaceuticals Ltd.—ADR(a)		50,005		63,506
Bio-Techne Corp.		1,298		544,394
Blueprint Medicines Corp.(a)(c)		429		25,976
Celanese Corp.		2,499		348,061
Cellectis SA—ADR(a)		9,406		42,609
CF Industries Holdings, Inc.		11,797		957,798
Chugai Pharmaceutical Co. Ltd.—ADR		57,934		964,022
Clinuvel Pharmaceuticals Ltd.—ADR(c)		21,124		313,691
Corcept Therapeutics, Inc.(a)(c)		7,399		164,924
CSL Ltd.—ADR		3,734		354,394
Daiichi Sankyo Co. Ltd.—ADR		44,545		1,087,789
Denali Therapeutics, Inc.(a)(c)		7,508		244,460
Dow, Inc.(c)		3,323		195,924
Dr Reddy’s Laboratories Ltd.—ADR		9,780		522,448
DuPont de Nemours, Inc.		24,188		1,871,426
Editas Medicine, Inc.(a)		3,930		67,282
Eisai Co. Ltd.—ADR(c)		7,916		395,483
Eli Lilly & Co.		9,710		2,427,015
Emergent BioSolutions, Inc.(a)		3,458		143,092
Fate Therapeutics, Inc.(a)		2,116		73,108
Gilead Sciences, Inc.		27,602		1,667,161
Givaudan SA—ADR		828		68,972
GlaxoSmithKline PLC—ADR		80,744		3,379,944
H Lundbeck A/S—ADR		7,039		175,412
Halozyme Therapeutics, Inc.(a)(c)		8,752		310,433
Horizon Therapeutics PLC(a)(b)		5,763		525,413
Innoviva, Inc.(a)(c)		17,143		329,317
Intellia Therapeutics, Inc.(a)(c)		2,124		209,957

The accompanying notes are an integral part of these financial statements.

42

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Inter Parfums, Inc.		2,269	$	210,745
Ipsen SA—ADR		14,944		446,078
Ironwood Pharmaceuticals, Inc.(a)(c)		26,687		287,152
Kao Corp.—ADR		103,520		959,630
Kazia Therapeutics Ltd.—ADR(a)		26,411		179,859
Kose Corp.—ADR(c)		33,747		775,844
Kronos Worldwide, Inc.		1,476		21,741
Kuraray Co. Ltd.—ADR		2,743		76,886
LyondellBasell Industries NV—Class A(b)		9,150		889,655
Maravai LifeSciences Holdings, Inc.—Class A(a)(c)		9,864		385,386
Merck & Co., Inc.		14,870		1,138,745
Merck KGaA—ADR		34,616		1,367,678
Meridian Bioscience, Inc.(a)		5,981		151,319
Moderna, Inc.(a)		7,755		1,191,168
Mosaic Co.(c)		17,662		926,019
Myriad Genetics, Inc.(a)(c)		6,464		157,592
Neurocrine Biosciences, Inc.(a)		2,461		221,170
Novartis AG—ADR		71,060		6,214,908
Novavax, Inc.(a)(c)		1,324		110,382
Novo Nordisk A/S—ADR		73,227		7,538,720
Novozymes A/S—ADR		7,102		462,411
Nu Skin Enterprises, Inc.—Class A(c)		3,322		154,108
Olin Corp.		7,026		361,909
Ono Pharmaceutical Co. Ltd.—ADR		118,074		978,833
OPKO Health, Inc.(a)(c)		57,505		179,991
Otsuka Holdings Co. Ltd.—ADR		45,063		779,139
Pacira BioSciences, Inc.(a)(c)		1,941		129,445
Pfizer, Inc.		91,608		4,300,080
Prestige Consumer Healthcare, Inc.(a)		6,616		393,850
Procter & Gamble Co.		7,895		1,230,751
Quidel Corp.(a)(c)		1,823		192,855
Regeneron Pharmaceuticals, Inc.(a)		3,845		2,377,594
Repligen Corp.(a)		2,513		494,307
Sage Therapeutics, Inc.(a)(c)		6,644		241,642
Sanofi—ADR		70,579		3,701,869
Santen Pharmaceutical Co. Ltd.—ADR		19,039		215,712
Shin-Etsu Chemical Co. Ltd.—ADR		65,294		2,549,079
Shionogi & Co Ltd.—ADR		53,993		900,333
Sika AG—ADR		17,727		584,636
Sumitomo Chemical Co. Ltd.—ADR(c)		24,198		579,058
Supernus Pharmaceuticals, Inc.(a)(c)		9,425		301,129
Sysmex Corp.—ADR		23,678		941,911
Takeda Pharmaceutical Co. Ltd.—ADR		81,734		1,242,357
Trinity Biotech PLC—ADR(a)		105,078		106,129
Tronox Holdings PLC—Class A(b)		13,230		268,569
Twist Bioscience Corp.(a)(c)		1,562		87,378
United Therapeutics Corp.(a)		3,879		644,690
West Pharmaceutical Services, Inc.		5,028		1,946,238
Westlake Corp.(c)		1,135		125,202
XTL Biopharmaceuticals Ltd.—ADR(a)		5,461		12,997
Yara International ASA—ADR		37,263		960,640
Zoetis, Inc.		1,509		292,218
				76,497,289

The accompanying notes are an integral part of these financial statements.

43

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Clothing and Clothing Accessories Stores—0.67%
Abercrombie & Fitch Co.—Class A(a)(c)		10,422	$	396,870
Academy Sports & Outdoors, Inc.(a)(c)		9,790		316,902
American Eagle Outfitters, Inc.(c)		11,404		240,396
ASOS PLC—ADR(a)		1,655		42,964
Bath & Body Works, Inc.(a)(c)		36,513		1,948,699
Buckle, Inc.(c)		8,625		310,500
Burberry Group PLC—ADR		1,038		26,749
Foot Locker, Inc.(c)		7,403		234,083
Genesco, Inc.(a)(c)		5,209		334,157
KKR & Co, Inc.		30,651		1,842,738
Pandora A/S—ADR(c)		39,297		1,006,003
Signet Jewelers Ltd.(b)		3,655		257,678
Zumiez, Inc.(a)(c)		6,045		268,942
				7,226,681
Computer and Electronic Product Manufacturing—14.39%
ABIOMED, Inc.(a)		26		8,079
ADTRAN, Inc.		577		11,880
Advanced Micro Devices, Inc.(a)		15,666		1,932,244
Advantest Corp.—ADR		17,729		1,407,505
Agilent Technologies, Inc.		12,539		1,634,584
Alphabet, Inc.—Class A(a)		3,833		10,353,469
Alphabet, Inc.—Class C(a)		3,541		9,552,981
Amkor Technology, Inc.(c)		18,526		419,984
Amphenol Corp.—Class A		17,790		1,352,218
Analog Devices, Inc.		537		86,076
Apple, Inc.		146,347		24,164,817
Arista Networks, Inc.(a)		7,949		975,581
ASE Technology Holding Co Ltd.—ADR(c)		120,396		870,463
AU Optronics Corp.—ADR		33,995		251,563
Avanos Medical, Inc.(a)		3,393		120,078
Avaya Holdings Corp.(a)		8,758		120,598
Bio-Rad Laboratories, Inc.—Class A(a)		1,967		1,231,263
Bloom Energy Corp.—Class A(a)(c)		2,839		63,026
Brainsway Ltd.—ADR(a)		6,027		46,227
Broadcom, Inc.		5,922		3,478,820
Bruker Corp.(c)		6,144		432,353
Calix, Inc.(a)(c)		4,777		259,582
Casio Computer Co. Ltd.—ADR		1,200		140,100
ChipMOS Technologies, Inc.—ADR		28,588		1,070,049
Ciena Corp.(a)		8,156		558,034
Cirrus Logic, Inc.(a)		4,899		425,576
Cisco Systems, Inc.		87,241		4,865,431
Corsair Gaming, Inc.(a)(c)		8,757		202,112
Danaher Corp.		10,667		2,927,132
Dell Technologies, Inc.—Class C(a)		37,164		1,893,877
Diodes, Inc.(a)		4,695		420,625
Dolby Laboratories, Inc.—Class A		4,586		344,409
Enphase Energy, Inc.(a)		1,082		180,369
FormFactor, Inc.(a)		8,116		328,617
Fortinet, Inc.(a)		5,999		2,066,775
Himax Technologies, Inc.—ADR(c)		43,916		487,907
Hologic, Inc.(a)		16,464		1,171,743
HP, Inc.		67,545		2,320,846

The accompanying notes are an integral part of these financial statements.

44

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
IDEXX Laboratories, Inc.(a)		1,053	$	560,565
Intel Corp.		47,661		2,273,430
Jabil, Inc.		12,796		739,737
JinkoSolar Holding Co. Ltd.—ADR(a)		4,473		226,379
Juniper Networks, Inc.(c)		42,660		1,441,481
Keysight Technologies, Inc.(a)		16,687		2,626,033
Kyocera Corp.—ADR		9,919		576,393
L3Harris Technologies, Inc.		3,107		783,927
Lam Research Corp.(c)		3,451		1,937,219
Lasertec Corp.—ADR		17,447		630,709
Lattice Semiconductor Corp.(a)(c)		6,376		399,265
LG Display Co. Ltd.—ADR(a)		30,172		236,548
Lumentum Holdings, Inc.(a)(c)		2,434		240,625
MACOM Technology Solutions Holdings, Inc.(a)(c)		2,752		165,395
MaxLinear, Inc.(a)(c)		1,841		112,945
Medtronic PLC(b)		10,140		1,064,598
Methode Electronics, Inc.(c)		8,393		383,057
Micron Technology, Inc.		23,346		2,074,526
MKS Instruments, Inc.(c)		3,042		458,125
Monolithic Power Systems, Inc.(c)		939		430,719
Motorola Solutions, Inc.		9,759		2,151,176
Nano Dimension Ltd.—ADR(a)(c)		15,138		53,589
Natus Medical, Inc.(a)		4,872		135,539
NetApp, Inc.		17,697		1,387,091
NETGEAR, Inc.(a)		8,761		233,130
Nidec Corp.—ADR		69,672		1,513,276
Nitto Denko Corp.—ADR(c)		37,839		1,376,204
Northrop Grumman Corp.(c)		3,652		1,614,695
NVIDIA Corp.		23,425		5,712,186
O2Micro International Ltd.—ADR(a)		31,953		130,688
Omnicell, Inc.(a)(c)		1,949		251,967
Omron Corp.—ADR		14,903		1,008,337
ON Semiconductor Corp.(a)		35,255		2,207,316
Onto Innovation, Inc.(a)(c)		5,170		445,706
OSI Systems, Inc.(a)(c)		1,066		85,994
Otis Worldwide Corp.		5,760		451,181
PerkinElmer, Inc.(c)		4,507		809,502
Plantronics, Inc.(a)		2,728		76,848
Power Integrations, Inc.(c)		5,042		453,780
Qorvo, Inc.(a)		13,913		1,903,020
QUALCOMM, Inc.		15,951		2,743,412
ReneSola Ltd.—ADR(a)		5,775		34,708
Rohm Co. Ltd.—ADR(c)		17,025		672,402
Sanmina Corp.(a)		14,008		557,238
Seagate Technology Holdings PLC(b)		16,955		1,749,078
Seiko Epson Corp.—ADR(c)		109,371		838,876
Semtech Corp.(a)		3,761		260,938
Sharp Corp.—ADR		80,529		184,444
Silicon Laboratories, Inc.(a)(c)		2,558		393,190
Silicon Motion Technology Corp.—ADR		3,426		248,522
SiTime Corp.(a)(c)		732		147,966
Skyworks Solutions, Inc.		9,107		1,258,314
Sonos, Inc.(a)(c)		7,140		195,565
Sony Group Corp.—ADR		31,822		3,262,709

The accompanying notes are an integral part of these financial statements.

45

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
STMicroelectronics NV(b)		19,286	$	816,184
Sumitomo Electric Industries Ltd.—ADR		35,132		460,932
SunPower Corp.(a)(c)		5,154		92,411
Super Micro Computer, Inc.(a)		7,597		298,486
Synaptics, Inc.(a)(c)		1,875		428,306
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		39,303		4,205,814
TDK Corp.—ADR(c)		19,758		797,433
Teradata Corp.(a)(c)		6,162		308,038
Teradyne, Inc.(c)		16,540		1,950,397
Texas Instruments, Inc.		12,520		2,128,275
Thermo Fisher Scientific, Inc.		7,388		4,019,073
Trane Technologies PLC(b)		2,358		362,967
Trimble, Inc.(a)		19,929		1,390,048
United Microelectronics Corp.—ADR		102,970		955,562
Varex Imaging Corp.(a)(c)		7,155		169,144
Vishay Intertechnology, Inc.		15,240		292,456
VTech Holdings Ltd.—ADR(c)		37,455		306,569
Waters Corp.(a)(c)		4,111		1,302,077
Western Digital Corp.(a)		20,886		1,063,933
Xperi Holding Corp.		16,385		283,788
Zebra Technologies Corp.—Class A(a)		5,725		2,366,372
				154,085,521
Construction of Buildings—0.90%
Avantor, Inc.(a)(c)		7,224		250,601
Barratt Developments PLC—ADR		14,147		231,162
Daito Trust Construction Co. Ltd.—ADR		23,492		647,674
DR Horton, Inc.		20,532		1,753,433
KB Home(c)		2,697		104,131
Lennar Corp.—Class A(c)		18,770		1,687,048
Lennar Corp.—Class B		24,649		1,860,999
LGI Homes, Inc.(a)(c)		2,220		280,009
MDC Holdings, Inc.(c)		7,427		329,313
Mitie Group PLC—ADR		113,343		342,863
NVR, Inc.(a)		69		342,132
PulteGroup, Inc.(c)		23,743		1,179,077
Toll Brothers, Inc.		3,846		208,684
Tri Pointe Homes, Inc.(a)		13,361		298,886
Tutor Perini Corp.(a)(c)		9,878		96,804
				9,612,816
Couriers and Messengers—0.10%
FedEx Corp.(c)		3,457		768,387
United Parcel Service, Inc.—Class B		1,681		353,716
				1,122,103
Credit Intermediation and Related Activities—3.80%
Affirm Holdings, Inc.(a)		1,061		44,392
Akso Health Group—ADR(a)		64		90
Ally Financial, Inc.(c)		11,910		594,309
American Express Co.		1,290		250,957
Associated Banc-Corp		9,559		233,144
Australia & New Zealand Banking Group Ltd.—ADR		49,699		946,766
B&M European Value Retail SA—ADR		9,295		300,600
Banco BBVA Argentina SA—ADR(a)		56,497		182,485

The accompanying notes are an integral part of these financial statements.

46

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Banco Bilbao Vizcaya Argentaria SA—ADR		124,584	$	732,554
Banco de Chile—ADR		12,822		271,955
Banco Macro SA—ADR(a)		481		6,941
Banco Santander Chile—ADR		28,736		560,927
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand—ADR		45,917		256,676
Banco Santander SA—ADR		83,841		281,706
Bank Hapoalim BM—ADR(c)		2,468		128,965
Bank Mandiri Persero Tbk PT—ADR		68,394		739,681
Bank of East Asia Ltd.—ADR		123,974		206,417
Bank OZK(c)		5,421		254,895
Bank Rakyat Indonesia Persero Tbk PT—ADR		62,891		1,010,344
Barclays PLC—ADR		206,768		2,047,003
BNP Paribas SA—ADR		121,904		3,535,215
BOC Hong Kong Holdings Ltd.—ADR		9,643		695,839
China Merchants Bank Co. Ltd.—ADR		7,118		300,380
Citigroup, Inc.		27,035		1,601,283
Commercial International Bank Egypt SAE—ADR(a)		7,650		22,721
Danske Bank A/S—ADR		65,809		557,336
DBS Group Holdings Ltd.—ADR		17,044		1,716,672
Deutsche Bank AG(a)(b)		40,314		501,103
Discover Financial Services		4,236		522,892
DNB Bank ASA—ADR(c)		63,572		1,426,556
Encore Capital Group, Inc.(a)(c)		3,070		202,589
Erste Group Bank AG—ADR		16,524		294,458
Fifth Third Bancorp(c)		503		24,064
FinVolution Group—ADR(c)		64,229		261,412
Grupo Financiero Banorte SAB de CV—ADR		7,788		262,689
Grupo Financiero Galicia SA—ADR(c)		16,875		159,806
Hachijuni Bank Ltd.—ADR		10,025		379,847
Hilltop Holdings, Inc.		15,391		475,890
HSBC Holdings PLC—ADR		10,440		360,598
ICICI Bank Ltd.—ADR		84,474		1,644,709
JPMorgan Chase & Co.		4,390		622,502
Kasikornbank PCL—ADR		1,327		26,281
Malayan Banking Bhd—ADR		100		484
Mr Cooper Group, Inc.(a)		7,100		360,893
National Australia Bank Ltd.—ADR		38,559		409,111
Nelnet, Inc.—Class A(c)		4,543		365,939
New York Community Bancorp, Inc.(c)		29,289		337,995
OneMain Holdings, Inc.		8,618		439,345
Oversea-Chinese Banking Corp. Ltd.—ADR		13,376		232,475
PennyMac Financial Services, Inc.(c)		4,718		272,465
Popular, Inc.(b)		5,796		532,363
Rocket Cos, Inc.—Class A(c)		75,707		977,377
Sberbank of Russia PJSC—ADR		119,989		149,986
Smith & Wesson Brands, Inc.(c)		13,712		241,743
Sumitomo Mitsui Trust Holdings, Inc.—ADR		43,557		158,547
Svenska Handelsbanken AB—ADR		210,397		989,918
Swedbank AB—ADR		116,664		1,853,791
Synchrony Financial(c)		18,740		801,697
UBS Group AG(b)		202,792		3,678,646
UniCredit SpA—ADR		70,257		437,701
UWM Holdings Corp.(c)		80,347		348,706

The accompanying notes are an integral part of these financial statements.

47

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Wells Fargo & Co.		45,435	$	2,424,865
Western Union Co.(c)		13,105		238,249
World Acceptance Corp.(a)(c)		116		22,791
Zions Bancorp NA		10,730		760,650
				40,681,386
Data Processing, Hosting and Related Services—0.11%
CSG Systems International, Inc.		6,009		370,875
Mercury Fintech Holding, Inc.—ADR(a)(c)		19,600		45,864
Sciplay Corp.—Class A(a)		22,100		288,184
Shutterstock, Inc.		3,524		319,028
Sify Technologies Ltd.—ADR(a)(c)		43,421		136,776
				1,160,727
Educational Services—0.02%
Bright Scholar Education Holdings Ltd.—ADR		7,820		8,289
China Online Education Group—ADR(a)		857		1,191
Laureate Education, Inc.—Class A		17,303		187,564
New Oriental Education & Technology Group, Inc.—ADR(a)		8,710		13,153
TAL Education Group—ADR(a)		1,374		3,902
				214,099
Electrical Equipment, Appliance, and Component Manufacturing—1.39%
ABB Ltd.—ADR		14,921		502,539
Acuity Brands, Inc.		1,373		250,394
Arcelik AS—ADR		50,548		1,004,389
AZZ, Inc.		4,363		214,790
Generac Holdings, Inc.(a)(c)		556		175,401
GrafTech International Ltd.(c)		22,784		229,663
Hitachi Ltd.—ADR		25,102		2,482,589
iRobot Corp.(a)(c)		976		60,668
Mitsubishi Electric Corp.—ADR		42,676		1,034,466
Murata Manufacturing Co. Ltd.—ADR		126,843		2,143,647
Panasonic Corp.—ADR		116,735		1,226,885
Plug Power, Inc.(a)(c)		7,070		178,800
Regal Rexnord Corp.		2,512		402,799
Resideo Technologies, Inc.(a)		11,478		295,444
Schneider Electric SE—ADR		45,009		1,382,676
Siemens AG—ADR		20,701		1,446,586
Taiyo Yuden Co Ltd.—ADR		826		148,194
Viomi Technology Co. Ltd.—ADR(a)		43,692		84,762
Whirlpool Corp.(c)		6,148		1,237,408
Yaskawa Electric Corp.—ADR(c)		5,414		432,849
				14,934,949
Electronics and Appliance Stores—0.13%
AMC Networks, Inc.—Class A(a)(c)		3,524		146,070
Best Buy Co., Inc.(c)		9,779		945,042
Sega Sammy Holdings, Inc.—ADR		73,164		331,433
				1,422,545
Fabricated Metal Product Manufacturing—1.29%
Alfa Laval AB—ADR		52,466		1,692,553
Assa Abloy AB—ADR		100,302		1,309,944
Atkore, Inc.(a)(c)		4,845		492,785

The accompanying notes are an integral part of these financial statements.

48

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Emerson Electric Co.		16,314	$	1,515,897
LVMH Moet Hennessy Louis Vuitton SE—ADR		21,052		3,068,328
Mueller Industries, Inc.(c)		5,151		293,865
Nucor Corp.(c)		23,838		3,137,558
POSCO—ADR		11,843		702,526
Stanley Black & Decker, Inc.		6,255		1,017,689
Valmont Industries, Inc.		1,071		231,818
Vista Outdoor, Inc.(a)(c)		8,279		301,770
				13,764,733
Food and Beverage Stores—0.97%
Carrefour SA—ADR		429,246		1,728,574
J Sainsbury PLC—ADR		54,756		809,841
Jeronimo Martins SGPS SA—ADR(c)		1,000		43,814
Koninklijke Ahold Delhaize NV—ADR		70,188		2,154,070
Kroger Co.		35,867		1,678,576
Shoprite Holdings Ltd.—ADR		51,712		765,338
Sprouts Farmers Market, Inc.(a)(c)		8,873		252,703
Tesco PLC—ADR		211,441		2,451,129
Weis Markets, Inc.		8,721		537,824
				10,421,869
Food Manufacturing—2.23%
Ajinomoto Co., Inc.—ADR(c)		100,976		2,943,450
Archer-Daniels-Midland Co.(c)		57,118		4,480,907
Bunge Ltd.—ADR(b)		7,146		747,114
Conagra Foods, Inc.(c)		9,219		322,388
Darling Ingredients, Inc.(a)		4,729		342,758
General Mills, Inc.(c)		6,062		408,761
Hershey Co.		3,798		768,184
Industrias Bachoco SAB de CV—ADR		655		26,469
JBS SA—ADR(c)		13,666		190,504
JM Smucker Co.(c)		12,174		1,640,447
Kraft Heinz Co.		27,982		1,097,454
Marfrig Global Foods SA—ADR		2,682		11,828
Medifast, Inc.		837		155,682
Mondelez International, Inc.—Class A		9,040		591,939
Nestle SA—ADR		45,137		5,869,164
Premier Foods PLC—ADR		197,218		1,454,483
Tate & Lyle PLC—ADR		11,419		460,642
Tiger Brands Ltd.—ADR		5,821		63,187
Tyson Foods, Inc.—Class A		25,379		2,351,617
				23,926,978
Food Services and Drinking Places—0.22%
Bloomin’ Brands, Inc.(a)(c)		1,007		24,782
Chipotle Mexican Grill, Inc.(a)		363		552,976
Darden Restaurants, Inc.(c)		5,119		743,380
Domino’s Pizza, Inc.(c)		417		180,232
Texas Roadhouse, Inc.		12		1,139
Yelp, Inc.(a)		8,474		287,184
Yum! Brands, Inc.		5,003		613,268
				2,402,961

The accompanying notes are an integral part of these financial statements.

49

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares			Value
Funds, Trusts, and Other Financial Vehicles—1.79%
Absa Group Ltd.—ADR		8,708		$	198,194
Aeon Co. Ltd.—ADR		42,070			930,588
Carlyle Group, Inc.(c)		17,153			803,961
Coca-Cola Bottlers Japan Holdings, Inc.—ADR		626			4,075
Coca-Cola HBC AG—ADR		746			18,859
Daiwa Securities Group, Inc.—ADR		151,379			874,971
Fast Retailing Co. Ltd.—ADR		17,057	��		915,961
FUJIFILM Holdings Corp.—ADR(c)		30,192			1,920,513
Garmin Ltd.(b)		19,495			2,153,028
Geberit AG—ADR(c)		5,974			392,459
Lonza Group AG—ADR		7,325			504,766
Mitsubishi UFJ Financial Group, Inc.—ADR		737,961			4,545,841
Mizuho Financial Group, Inc.—ADR		532,231			1,410,412
Nitori Holdings Co. Ltd.—ADR		19,911			304,439
Nomura Holdings, Inc.—ADR		161,773			740,920
Seven & i Holdings Co. Ltd.—ADR		101,239			2,469,219
Straumann Holding AG—ADR		4,079			326,442
Sumitomo Mitsui Financial Group, Inc.—ADR		19,333			137,844
Up Fintech Holding Ltd.—ADR(a)(c)		11,925			53,782
Woolworths Holdings Ltd.(b)		156,425			510,728
					19,217,002
Furniture and Home Furnishings Stores—0.05%
Ryohin Keikaku Co. Ltd.—ADR(c)		8,074			118,769
Williams-Sonoma, Inc.(c)		3,107			450,080
					568,849
Furniture and Related Product Manufacturing—0.03%
HNI Corp.(c)		2,500			101,725
Natuzzi SpA—ADR(a)		3,179			34,365
Sleep Number Corp.(a)(c)		2,144			140,861
					276,951
Gasoline Stations—0.37%
Cango, Inc.—ADR(c)		64,906			220,031
Chevron Corp.(c)		22,871			3,293,425
Magnolia Oil & Gas Corp.—Class A(c)		21,372			477,664
					3,991,120
General Merchandise Stores—1.39%
Big Lots, Inc.(c)		3,212			111,649
BJ’s Wholesale Club Holdings, Inc.(a)(c)		6,612			415,696
Costco Wholesale Corp.		7,166			3,720,947
Dillard’s, Inc.—Class A(c)		1,431			358,766
Dollar General Corp.(c)		8,716			1,728,731
Dollar Tree, Inc.(a)		7,407			1,052,387
Etablissements Franz Colruyt NV—ADR		3,071			30,526
Kohl’s Corp.(c)		7,236			402,466
Macy’s, Inc.(c)		16,808			435,663
Marks & Spencer Group PLC—ADR(a)		5,838			27,263
Pan Pacific International Holdings Corp.—ADR		37,359			612,463
PriceSmart, Inc.		2,098			152,567
Target Corp.		17,678			3,531,534
Walmart, Inc.		16,775			2,267,310
					14,847,968

The accompanying notes are an integral part of these financial statements.

50

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Health and Personal Care Stores—0.57%
Aspen Pharmacare Holdings Ltd.—ADR		9,354	$	122,350
CVS Health Corp.		34,437		3,569,396
Forward Pharma A/S—ADR(a)		1,274		7,096
Rite Aid Corp.(a)(c)		3,663		33,553
Ulta Beauty, Inc.(a)		2,900		1,086,050
Walgreens Boots Alliance, Inc.		28,524		1,314,671
				6,133,116
Heavy and Civil Engineering Construction—0.11%
Granite Construction, Inc.(c)		5,963		180,500
Primoris Services Corp.(c)		8,368		220,664
Skanska AB—ADR(c)		36,454		817,299
				1,218,463
Hospitals—0.27%
HCA Healthcare, Inc.		10,044		2,514,114
Tenet Healthcare Corp.(a)(c)		4,901		421,437
				2,935,551
Insurance Carriers and Related Activities—6.09%
Admiral Group PLC—ADR		12,383		487,643
Aegon NV(b)		248,518		1,235,134
Aflac, Inc.		25,646		1,566,714
Alleghany Corp.(a)		338		223,729
Allstate Corp.		5,278		645,816
American Financial Group, Inc.		4,114		556,994
American International Group, Inc.		7,188		440,193
American National Group, Inc.		844		159,541
Anthem, Inc.		5,749		2,597,686
Arch Capital Group Ltd.(a)(b)		6,758		318,369
Assurant, Inc.(c)		1,771		300,556
Aviva PLC—ADR		145,436		1,621,611
AXA SA—ADR		125,087		3,367,342
Axis Capital Holdings Ltd.—ADR(b)		5,381		293,910
Berkshire Hathaway, Inc.—Class A(a)		14		6,666,871
Berkshire Hathaway, Inc.—Class B(a)		41,900		13,468,756
Centene Corp.(a)		1,622		134,010
Chubb Ltd.(b)		2,592		527,835
Cigna Corp.		2,652		630,593
Cincinnati Financial Corp.		18,479		2,269,036
CNO Financial Group, Inc.		22,189		536,308
Direct Line Insurance Group PLC—ADR(c)		25,862		416,895
eHealth, Inc.(a)		18		280
Employers Holdings, Inc.		5,387		209,339
Everest Re Group Ltd.(b)		2,406		717,517
Fidelity National Financial, Inc.(c)		22,127		1,054,130
First American Financial Corp.		7,683		515,068
Genworth Financial, Inc.—Class A(a)		59,480		241,489
Gjensidige Forsikring ASA—ADR		44,197		1,125,123
Hanover Insurance Group, Inc.		4,334		604,636
Hartford Financial Services Group, Inc.		23,019		1,599,360
Horace Mann Educators Corp.		448		18,632
Lincoln National Corp.(c)		5,986		403,576
Markel Corp.(a)		225		279,655

The accompanying notes are an integral part of these financial statements.

51

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Marsh & McLennan Companies, Inc.		1,552	$	241,196
Mercury General Corp.		6,551		360,305
MS&AD Insurance Group Holdings, Inc.—ADR		83,320		1,420,606
National Western Life Group, Inc.—Class A		261		55,684
NN Group NV—ADR(c)		128,911		3,059,059
Old Republic International Corp.		23,260		612,901
Prudential Financial, Inc.(c)		8,374		935,041
Safety Insurance Group, Inc.		909		75,847
Selective Insurance Group, Inc.		6,706		557,872
SiriusPoint Ltd.(a)(b)		16,788		124,063
Suncorp Group Ltd.—ADR(c)		63,680		494,157
T&D Holdings, Inc.—ADR		275,881		1,955,996
Tivity Health, Inc.(a)(c)		3,294		89,860
Tokio Marine Holdings, Inc.—ADR		39,902		2,305,538
Topdanmark AS—ADR		17,568		98,996
UnitedHealth Group, Inc.		16,067		7,645,804
				65,267,272
Leather and Allied Product Manufacturing—0.10%
Crocs, Inc.(a)		2,501		209,409
Skechers U.S.A., Inc.—Class A(a)		5,739		263,879
Tapestry, Inc.(c)		14,152		578,817
				1,052,105
Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)—0.34%
Cie Generale des Etablissements Michelin SCA—ADR		34,480		946,821
L’Oreal SA—ADR		32,553		2,573,314
Marathon Digital Holdings, Inc.(a)(c)		2,762		70,017
				3,590,152
Machinery Manufacturing—3.50%
AGCO Corp.		2,977		357,716
Applied Materials, Inc.		27,775		3,727,405
ASML Holding NV(b)		7,006		4,669,569
Azenta, Inc.(c)		3,309		289,604
Canon, Inc.—ADR		105,468		2,492,209
Carrier Global Corp.(c)		20,896		937,812
Caterpillar, Inc.		3,127		586,563
Cummins, Inc.		1,027		209,631
Daikin Industries Ltd.—ADR		98,328		1,807,269
Deere & Co.		2,894		1,041,898
Dover Corp.(c)		9,848		1,544,757
Fabrinet(a)(b)		6,501		650,945
FANUC Corp.—ADR		14,935		274,356
General Electric Co.(c)		5,276		503,910
Hexagon AB—ADR		40,348		539,049
Hoya Corp.—ADR(c)		17,008		2,210,530
Husqvarna AB—ADR(c)		35,723		851,994
II-VI, Inc.(a)(c)		5,761		400,159
KLA Corp.		6,161		2,147,109
Komatsu Ltd.—ADR		28,285		652,535
Konica Minolta, Inc.—ADR		28,004		236,309
Makita Corp.—ADR		25,567		917,089
Mettler-Toledo International, Inc.(a)		336		473,337
Nikon Corp.—ADR		25,841		270,038

The accompanying notes are an integral part of these financial statements.

52

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
NSK Ltd.—ADR		6,607	$	83,116
Olympus Corp.—ADR		59,194		1,208,741
Parker Hannifin Corp.		7,103		2,105,257
Ricoh Co Ltd.—ADR		54,500		470,335
Rolls-Royce Holdings PLC—ADR(a)		135,891		187,530
SMC Corp.—ADR		54,206		1,623,470
Sunny Optical Technology Group Co. Ltd.—ADR		161		38,593
Tokyo Electron Ltd.—ADR		31,665		3,865,980
Weichai Power Co. Ltd.—ADR		6,389		85,613
				37,460,428
Management of Companies and Enterprises—1.86%
Allianz SE—ADR		31,685		716,398
America Movil SAB de CV—Class A—ADR		2,541		46,424
America Movil SAB de CV—Class L—ADR		62,523		1,132,917
Capital One Financial Corp.		15,476		2,372,006
Cie Financiere Richemont SA—ADR		155,123		2,086,404
Citizens Financial Group, Inc.(c)		1,487		77,949
Enstar Group Ltd.(a)(b)		1,036		295,291
Four Seasons Education Cayman, Inc.—ADR(a)		5,798		3,479
Hawaiian Electric Industries, Inc.		4,521		185,271
Henderson Land Development Co. Ltd.—ADR		93,199		391,436
ING Groep NV—ADR		52,205		607,666
JGC Holdings Corp.—ADR		19,180		393,190
Jupai Holdings Ltd.—ADR(a)		33,900		22,713
K+S AG—ADR(a)		118,243		1,509,372
KB Financial Group, Inc.—ADR		21,089		1,037,579
Kering SA—ADR(c)		14,030		985,187
KOC Holding AS—ADR		17,077		188,103
Kuehne + Nagel International AG—ADR(c)		11,087		602,246
Purple Biotech Ltd.—ADR(a)		6,497		19,036
Puxin Ltd.—ADR(a)		387		906
Qudian, Inc.—ADR(a)		21,074		17,344
Recruit Holdings Co. Ltd.—ADR		209,986		1,761,783
Shinhan Financial Group Co. Ltd.—ADR		23,705		768,516
SoftBank Group Corp.—ADR		25,933		582,196
Sonova Holding AG—ADR		11,709		903,349
Telefonica SA—ADR		174,501		820,155
thyssenkrupp AG—ADR(a)(c)		27,851		296,056
Vivendi SE—ADR		118,359		1,486,589
Woori Financial Group, Inc.—ADR		16,534		571,084
				19,880,645
Merchant Wholesalers, Durable Goods—2.61%
Arrow Electronics, Inc.(a)		5,634		686,672
Avnet, Inc.(c)		11,866		499,203
Cars.com, Inc.(a)(c)		6,581		106,481
CD Projekt SA—ADR		145		1,452
CECONOMY AG—ADR		8,008		6,189
Cie de Saint-Gobain—ADR		161,672		2,006,349
Coloplast A/S—ADR		67,914		1,016,673
Electrolux AB—Class B—ADR		7,313		259,758
Elekta AB—ADR		17,541		149,642
Geely Automobile Holdings Ltd.—ADR		10,280		386,425
Genuine Parts Co.		3,030		370,145

The accompanying notes are an integral part of these financial statements.

53

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Glencore PLC—ADR		151,757	$	1,778,592
Global Industrial Co.		2,311		73,444
GMS, Inc.(a)		6,168		334,614
Henry Schein, Inc.(a)		5,844		504,805
ITOCHU Corp.—ADR		47,907		3,134,076
Johnson Controls International PLC(b)		44,377		2,882,730
Lenovo Group Ltd.—ADR		7,642		171,181
LKQ Corp.(c)		39,909		1,873,727
Mitsui & Co. Ltd.—ADR		5,545		2,773,997
ODP Corp.(a)(c)		4,111		180,884
Owens & Minor, Inc.(c)		4,372		193,024
Pool Corp.		1,488		682,367
Reliance Steel & Aluminum Co.		5,694		1,086,814
Rexel SA—ADR		21,606		489,376
Rush Enterprises, Inc.—Class A(c)		10,785		560,173
Rush Enterprises, Inc.—Class B		1,868		91,551
ScanSource, Inc.(a)		2,016		63,665
Schnitzer Steel Industries, Inc.—Class A		8,725		424,471
Sims Ltd.—ADR		63,330		820,124
TD SYNNEX Corp.		4,331		441,026
TE Connectivity Ltd.(b)		7,246		1,032,048
Techtronic Industries Co. Ltd.—ADR(c)		1,752		147,588
Unicharm Corp.—ADR		231,086		1,730,833
Volkswagen AG—ADR		26,312		678,586
WESCO International, Inc.(a)		2,677		325,871
				27,964,556
Merchant Wholesalers, Nondurable Goods—1.93%
Amneal Pharmaceuticals, Inc.(a)		27,279		123,574
Atea Pharmaceuticals, Inc.(a)		14,397		91,277
Biofrontera AG—ADR(a)		2,646		8,004
Brenntag SE—ADR		29,319		484,936
Capri Holdings Ltd.(a)(b)		5,142		348,319
Cardinal Health, Inc.		2,411		130,218
CSPC Pharmaceutical Group Ltd.—ADR		70,782		332,675
Endo International PLC(a)(b)		30,269		94,137
ENN Energy Holdings Ltd.—ADR		24,869		1,439,418
Gazprom Neft PJSC—ADR(c)		6,793		116,160
Imperial Brands PLC—ADR(c)		74,911		1,671,264
Koppers Holdings, Inc.(a)		6,844		195,944
Kunlun Energy Co. Ltd.—ADR		27,909		284,951
LUKOIL PJSC—ADR(c)		10,626		255,555
Marubeni Corp.—ADR		18,106		1,897,871
McKesson Corp.		1,231		338,476
Orkla ASA—ADR		171,509		1,637,911
Roche Holding AG—ADR		158,194		7,471,503
Suntory Beverage & Food Ltd.—ADR		45,282		906,093
UCB SA—ADR		15,325		830,155
United Natural Foods, Inc.(a)		6,641		267,167
Univar Solutions, Inc.(a)		14,291		438,877
Universal Corp.		4,894		264,814
Vibra Energia SA—ADR		65,778		632,784
World Fuel Services Corp.		13,805		391,234
				20,653,317

The accompanying notes are an integral part of these financial statements.

54

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Mining (except Oil and Gas)—0.65%
Anglo American Platinum Ltd.—ADR		4,353	$	114,440
Anglo American PLC—ADR		126,901		3,256,280
Cia de Minas Buenaventura SAA—ADR(a)		52		515
CNX Resources Corp.(a)(c)		5,824		95,164
DRDGOLD Ltd.—ADR		13,739		125,574
Freeport-McMoRan, Inc.		32,017		1,503,199
Gold Fields Ltd.—ADR		1,894		26,554
Harmony Gold Mining Co. Ltd.—ADR		28,546		121,321
Kumba Iron Ore Ltd.—ADR		276		3,712
Lynas Rare Earths Ltd.—ADR(a)		97,718		728,976
Newmont Corp.		11,151		738,196
South32 Ltd.—ADR		15,615		271,389
Summit Materials, Inc.—Class A(a)		384		11,988
				6,997,308
Miscellaneous Manufacturing—1.64%
Acushnet Holdings Corp.(c)		11,358		497,480
Align Technology, Inc.(a)(c)		173		88,483
Argenx SE—ADR(a)		469		134,936
Chow Tai Fook Jewellery Group Ltd.—ADR		59,427		1,229,040
Cooper Cos., Inc.(c)		3,745		1,531,780
DENTSPLY SIRONA, Inc.		4,336		234,751
DexCom, Inc.(a)		928		384,108
Edwards Lifesciences Corp.(a)		7,333		824,009
Envista Holdings Corp.(a)(c)		10,743		515,664
EssilorLuxottica SA—ADR		6,036		522,537
Getinge AB—ADR(c)		33,672		1,295,025
Inogen, Inc.(a)		1,142		39,844
Integra LifeSciences Holdings Corp.(a)(c)		6,084		407,993
Johnson & Johnson		29,322		4,825,522
Mattel, Inc.(a)(c)		15,252		380,995
Medigus Ltd.—ADR(a)		53,015		57,256
Merit Medical Systems, Inc.(a)(c)		3,997		259,925
Nintendo Co., Ltd.—ADR		30,586		1,944,352
Peloton Interactive, Inc.—Class A(a)(c)		845		24,556
Quoin Pharmaceuticals Ltd.—ADR(a)		1,550		1,721
Shockwave Medical, Inc.(a)		968		171,559
Siemens Healthineers AG—ADR		17,326		552,526
STAAR Surgical Co.(a)		2,220		176,090
Terumo Corp.—ADR		25,405		821,852
Top Glove Corp. Bhd—ADR		40,456		73,225
Yamaha Corp.—ADR (c0		12,609		595,397
				17,590,626
Miscellaneous Store Retailers—0.19%
Mr Price Group Ltd.—ADR		30,720		420,557
Tractor Supply Co.		7,836		1,596,898
				2,017,455
Motion Picture and Sound Recording Industries—0.06%
AMC Entertainment Holdings, Inc.(a)(c)		10,004		188,675
Lions Gate Entertainment Corp.—Class A(a)(b)(c)		14,177		217,759
Lions Gate Entertainment Corp.—Class B(a)(b)		13,540		192,945
				599,379

The accompanying notes are an integral part of these financial statements.

55

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Motor Vehicle and Parts Dealers—0.68%
Advance Auto Parts, Inc.		5,191	$	1,061,456
Asbury Automotive Group, Inc.(a)(c)		2,216		430,148
AutoNation, Inc.(a)(c)		6,370		730,384
AutoZone, Inc.(a)		705		1,313,689
CarMax, Inc.(a)(c)		5,614		613,779
Carvana Co.(a)(c)		661		99,461
Group 1 Automotive, Inc.(c)		2,953		537,239
Lithia Motors, Inc.—Class A(c)		1,511		514,979
O’Reilly Automotive, Inc.(a)		1,916		1,243,944
Penske Automotive Group, Inc.(c)		5,932		583,056
Sonic Automotive, Inc.—Class A		3,116		167,360
				7,295,495
National Security and International Affairs—0.06%
Leidos Holdings, Inc.		5,985		609,513
Nonmetallic Mineral Product Manufacturing—0.50%
3M Co.		9,241		1,373,675
AGC, Inc.—ADR		91,528		804,440
Corning, Inc.(c)		27,676		1,118,110
Loma Negra Cia Industrial Argentina SA—ADR(a)		35,311		200,213
Mohawk Industries, Inc.(a)		7,236		1,018,685
Quanex Building Products Corp.(c)		11,715		267,805
TOTO Ltd.—ADR		12,135		509,973
Wienerberger AG—ADR		16,807		101,682
				5,394,583
Nonstore Retailers—0.76%
Amazon.com, Inc.(a)		487		1,495,704
Baozun, Inc.—ADR(a)(c)		17,065		179,694
eBay, Inc.		32,750		1,787,822
Etsy, Inc.(a)(c)		5,472		847,558
Grupo Aval Acciones y Valores SA—ADR		79,882		428,966
JD.com, Inc.—ADR(a)		23,443		1,679,221
Jumia Technologies AG—ADR(a)(c)		5,400		50,814
Lands’ End, Inc.(a)		6,537		110,868
MonotaRO Co. Ltd.—ADR		17,423		327,727
Overstock.com, Inc.(a)(c)		6,004		341,628
Pinduoduo, Inc.—ADR(a)		2,939		152,417
Yunji, Inc.—ADR(a)		3,662		3,617
ZOZO, Inc.—ADR(c)		123,032		706,757
				8,112,793
Nursing and Residential Care Facilities—0.06%
Brookdale Senior Living, Inc.(a)		21,343		146,840
Ensign Group, Inc.(c)		3,787		318,259
National HealthCare Corp.		2,337		151,952
				617,051
Oil and Gas Extraction—2.23%
AP Moeller—Maersk A/S—ADR(c)		116,780		1,853,299
APA Corp.		18,347		653,704
Continental Resources, Inc.(c)		7,935		439,837
Devon Energy Corp.(c)		23,356		1,390,850
Eni SpA—ADR		71,974		2,229,035

The accompanying notes are an integral part of these financial statements.

56

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
EOG Resources, Inc.		21,282	$	2,445,727
Gazprom PJSC—ADR(c)		186,205		571,649
Marathon Oil Corp.		43,249		975,697
Matador Resources Co.(c)		9,507		471,547
Murphy Oil Corp.(c)		11,224		389,136
Occidental Petroleum Corp.		16,529		722,813
Ovintiv, Inc.		8,282		379,730
Pampa Energia SA—ADR(a)		8,675		181,741
PDC Energy, Inc.		5,797		374,022
Petroleo Brasileiro SA—ADR(c)		26,732		382,000
Repsol SA—ADR		109,668		1,432,264
Shell PLC—ADR		107,043		5,607,984
Surgutneftegas PJSC—ADR(c)		15,549		29,854
TotalEnergies SE—ADR		66,792		3,374,999
				23,905,888
Other Information Services—0.39%
Meta Platforms, Inc.—Class A(a)		19,121		4,035,105
Phoenix New Media Ltd.—ADR(a)(c)		205,982		158,194
				4,193,299
Paper Manufacturing—0.21%
Avery Dennison Corp.		4,689		826,202
Boise Cascade Co.		6,793		543,032
International Paper Co.		11,532		501,988
WestRock Co.		9,525		431,197
				2,302,419
Performing Arts, Spectator Sports, and Related Industries—0.06%
Entain PLC—ADR(a)		2,491		55,375
MultiChoice Group—ADR		16,457		134,125
OPAP SA—ADR		24,579		180,410
TEGNA, Inc.		12,425		284,780
				654,690
Personal and Laundry Services—0.09%
IAC/InterActiveCorp(a)		592		67,938
Kingfisher PLC—ADR		106,088		861,435
				929,373
Petroleum and Coal Products Manufacturing—0.95%
BP PLC—ADR		71,766		2,096,285
Equinor ASA—ADR		20,781		653,770
Exxon Mobil Corp.		46,801		3,670,135
James Hardie Industries PLC—ADR		28,997		942,982
Marathon Petroleum Corp.(c)		19,639		1,529,289
OMV AG—ADR(c)		26,933		1,269,891
				10,162,352
Pipeline Transportation—0.02%
Naturgy Energy Group SA—ADR		3,766		19,977
Orsted AS—ADR		3,383		146,686
Transportadora de Gas del Sur SA—Class B—ADR(a)		6,263		35,073
				201,736

The accompanying notes are an integral part of these financial statements.

57

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Plastics and Rubber Products Manufacturing—0.25%
Berry Global Group, Inc.(a)		4,930	$	299,005
Bridgestone Corp.—ADR		67,667		1,395,970
Entegris, Inc.(c)		5,132		669,623
Goodyear Tire & Rubber Co.(a)(c)		17,224		266,800
				2,631,398
Postal Service—0.06%
Royal Mail PLC—ADR		64,195		683,677
Primary Metal Manufacturing—1.29%
Alcoa Corp.(c)		8,429		635,041
Aluminum Corp. of China Ltd.—ADR(a)		88		1,545
APERAM SA(b)		21,364		1,180,147
ArcelorMittal SA(b)		48,974		1,515,256
Cia Siderurgica Nacional SA—ADR		17,453		84,647
Commercial Metals Co.		18,177		700,723
Encore Wire Corp.(c)		6,431		748,697
Grupo Simec SAB de CV—ADR(a)		1,237		33,956
Kubota Corp.—ADR		14,504		1,293,756
Matthews International Corp.—Class A		5,085		168,720
Mechel PJSC—ADR(a)		59,509		133,895
Nippon Steel Corp.—ADR(c)		66,009		1,236,349
Norsk Hydro ASA—ADR(c)		303,078		2,850,449
Steel Dynamics, Inc.(c)		11,413		805,530
Sumitomo Metal Mining Co. Ltd.—ADR		76,645		967,260
Tenaris SA—ADR		3,671		95,189
Ternium SA—ADR		13,922		546,856
United States Steel Corp.(c)		17,304		470,842
Usinas Siderurgicas de Minas Gerais SA Usiminas—ADR		13,517		41,903
Worthington Industries, Inc.		4,439		253,112
				13,763,873
Printing and Related Support Activities—0.16%
Dai Nippon Printing Co. Ltd.—ADR		50,408		666,394
TOPPAN, Inc.—ADR		53,359		520,250
Warner Music Group Corp.—Class A(c)		13,586		492,085
				1,678,729
Professional, Scientific, and Technical Services—3.66%
Accenture PLC—Class A(b)		19,861		6,276,472
AirNet Technology, Inc.—ADR(a)		417		575
Allscripts Healthcare Solutions, Inc.(a)(c)		7,881		153,364
Baidu, Inc.—ADR(a)		4,973		758,084
BioNTech SE—ADR(a)(c)		4,382		660,849
CACI International, Inc.—Class A(a)		2,090		584,761
Capgemini SE—ADR		27,925		1,158,050
Carlsberg AS—ADR		78,235		2,233,610
CDW Corp.		16,305		2,811,960
CGG SA—ADR(a)		285,561		247,581
Charles River Labratories International, Inc.(a)		591		172,076
Cheetah Mobile, Inc.—ADR(a)		11,024		14,111
China Finance Online Co Ltd.—ADR(a)		564		733
Clear Channel Outdoor Holdings, Inc.(a)		27,483		102,786
Cognizant Technology Solutions Corp.—Class A		23,850		2,054,201
Concentrix Corp.		2,326		464,944

The accompanying notes are an integral part of these financial statements.

58

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Dentsu Group, Inc.—ADR(c)		1,794	$	71,231
Digital Turbine, Inc.(a)(c)		3,304		160,178
DXC Technology Co.(a)		11,550		393,047
Ebix, Inc.(c)		1,368		40,370
Endava PLC—ADR(a)		25		3,330
EPAM Systems, Inc.(a)		1,849		384,130
Evolution AB—ADR		726		83,207
F5, Inc.(a)		2,006		402,905
FTI Consulting, Inc.(a)		2,124		310,104
Gartner, Inc.(a)		5,263		1,475,850
Genmab A/S—ADR(a)		40,041		1,339,772
Gravity Co. Ltd.—ADR(a)		6,904		356,523
Immutep Ltd.—ADR(a)(c)		65,834		159,318
Indra Sistemas SA—ADR(a)		47,797		269,575
Infosys Ltd.—ADR		28,565		641,570
Insight Enterprises, Inc.(a)(c)		6,480		673,920
Interpublic Group of Companies, Inc.(c)		54,337		1,999,602
Jacobs Engineering Group, Inc.		13,115		1,613,145
Maxar Technologies, Inc.(c)		5,285		171,445
Maximus, Inc.(c)		5,943		468,665
Meggitt PLC—ADR(a)		2,041		41,473
Nielsen Holdings PLC(b)		23,262		405,224
Omnicom Group, Inc.		19,475		1,633,758
Palo Alto Networks, Inc.(a)(c)		61		36,249
Pintec Technology Holdings Ltd.—ADR(a)		4,980		2,216
Publicis Groupe SA—ADR		74,855		1,246,336
PubMatic, Inc.—Class A(a)		5,468		167,321
Riot Blockchain, Inc.(a)(c)		6,544		112,753
Sage Group PLC—ADR		2,414		90,766
Sandvik AB—ADR		33,907		725,949
SAP SE—ADR		11,161		1,256,505
Snap, Inc.—Class A(a)(c)		5,281		210,923
Sumitomo Corp.—ADR		2,831		46,145
Swatch Group AG—ADR		23,060		354,202
Syneos Health, Inc.(a)(c)		4,906		388,555
Trade Desk, Inc.—Class A(a)(c)		1,629		138,986
Unity Software, Inc.(a)(c)		1,396		148,604
Verint Systems, Inc.(a)(c)		9,359		470,103
Virtu Financial, Inc.—Class A		11,922		418,224
VMware, Inc.—Class A		3,674		431,034
Wipro Ltd.—ADR		139,527		1,017,152
Wuxi Biologics Cayman, Inc.—ADR(a)		24,396		403,998
Xunlei Ltd.—ADR(a)		31,268		53,468
Yiren Digital Ltd.—ADR(a)		14,631		38,041
Zscaler, Inc.(a)(c)		2,501		598,114
				39,148,143
Publishing Industries (except Internet)—4.19%
3D Systems Corp.(a)(c)		10,986		195,771
Activision Blizzard, Inc.		3,087		251,591
Adobe, Inc.(a)		3,462		1,619,108
Akamai Technologies, Inc.(a)(c)		9,208		996,858
Bill.com Holdings, Inc.(a)(c)		2,319		551,644
Block, Inc.(a)(c)		430		54,825
Cadence Design System, Inc.(a)		2,309		349,652

The accompanying notes are an integral part of these financial statements.

59

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
CommVault Systems, Inc.(a)		4,460	$	280,579
Crowdstrike Holdings, Inc.—Class A(a)		207		40,408
Dassault Systemes SE—ADR		7,343		356,136
Datadog, Inc.—Class A(a)(c)		5,611		903,988
Dynatrace, Inc.(a)		7,109		315,782
Fujitsu Ltd.—ADR		57,672		1,674,218
Gaotu Techedu, Inc.—ADR(a)		626		1,096
Hello Group, Inc.—ADR(c)		2,387		22,748
Hewlett Packard Enterprise Co.(c)		98,249		1,564,124
HubSpot, Inc.(a)(c)		914		479,850
Intuit, Inc.		1,958		928,816
Microsoft Corp.		72,164		21,561,881
MongoDB, Inc.(a)(c)		1,823		696,368
News Corp.—Class A		63,002		1,406,205
News Corp.—Class B(c)		74,322		1,667,042
Oracle Corp.		37,416		2,842,493
PTC, Inc.(a)		2,585		287,659
SPS Commerce, Inc.(a)		1,675		217,499
SS&C Technologies Holdings, Inc.		18,711		1,402,764
Synopsys, Inc.(a)		9,412		2,940,214
Tarena International, Inc.—ADR(a)		3,807		9,518
Trend Micro, Inc.—ADR(a)		11,436		645,562
Vipshop Holdings Ltd.—ADR(a)		18,805		163,039
Vnet Group, Inc.—ADR(a)		251		1,975
Youdao, Inc.—ADR(a)		11,082		131,433
ZoomInfo Technologies, Inc.(a)(c)		5,172		282,857
				44,843,703
Rail Transportation—0.04%
CSX Corp.		12,198		413,634
Real Estate—0.91%
CBRE Group, Inc.—Class A(a)		21,577		2,089,733
Daiwa House Industry Co. Ltd.—ADR		25,232		721,131
eXp World Holdings, Inc.(c)		4,564		122,041
Forestar Group, Inc.(a)		9,637		176,453
Gafisa SA—ADR		200		147
IRSA Inversiones y Representaciones SA—ADR(a)		18,703		88,839
Jefferies Financial Group, Inc.		24,138		857,865
Jones Lang LaSalle, Inc.(a)		4,074		1,003,101
KE Holdings, Inc.—ADR(a)		881		17,100
Marcus & Millichap, Inc.(a)		13,696		681,102
Mitsubishi Estate Co. Ltd.—ADR		42,478		651,655
Newmark Group, Inc.—Class A(c)		20,799		367,726
Realogy Holdings Corp.(a)(c)		18,455		335,512
RMR Group, Inc.—Class A		7,651		222,950
Sekisui House Ltd.—ADR		57,037		1,172,111
Sun Hung Kai Properties Ltd.—ADR		62,675		728,910
Vonovia SE—ADR(c)		8,805		231,105
Walker & Dunlop, Inc.		1,915		264,940
				9,732,421
Rental and Leasing Services—0.82%
AMERCO		729		421,078
Ashtead Group PLC—ADR(c)		3,300		853,545

The accompanying notes are an integral part of these financial statements.

60

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Avis Budget Group, Inc.(a)(c)		926	$	169,865
Cerence, Inc.(a)		1,981		71,534
Navient Corp.(c)		24,083		424,102
Netflix, Inc.(a)(c)		4,235		1,670,792
ORIX Corp.—ADR		30,784		3,034,994
Rent-A-Center, Inc.(c)		5,246		149,039
Ryder System, Inc.		4,841		381,664
Triton International Ltd.(b)		12,462		818,504
United Rentals, Inc.(a)		2,568		825,920
				8,821,037
Repair and Maintenance—0.05%
SKF AB—ADR		20,897		381,161
Valvoline, Inc.(c)		6,060		195,920
				577,081
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—2.63%
360 DigiTech, Inc.—ADR		11,859		222,356
Affiliated Managers Group, Inc.		2,038		281,978
Amarin Corp. PLC—ADR(a)(c)		17,904		59,262
Apollo Global Management, Inc.(c)		8,516		555,754
Ares Management Corp.—Class A		2,357		191,129
Artisan Partners Asset Management, Inc.—Class A(c)		7,919		301,793
Astra International, Tbk PT—ADR		59,907		495,431
Bidvest Group Ltd.—ADR		4,463		123,447
Blackstone, Inc.		13,242		1,687,957
Cerevel Therapeutics Holdings, Inc.(a)		2,494		66,016
Chemed Corp.(c)		436		208,534
CK Hutchison Holdings Ltd.—ADR		1,730		12,145
Daqo New Energy Corp.—ADR(a)		4,345		208,386
Douglas Elliman, Inc.(a)		426		3,212
EDAP TMS SA—ADR(a)		6,791		49,642
Evercore, Inc.—Class A		3,363		427,135
First Pacific Co. Ltd.—ADR		325,616		651,232
Franklin Resources, Inc.(c)		18,296		543,940
Futu Holdings Ltd.—ADR(a)(c)		20,533		877,786
Genting Bhd—ADR		2,358		14,313
Goldman Sachs Group, Inc.		9,666		3,298,908
Hong Kong Exchanges & Clearing Ltd.—ADR		8,950		434,881
Houlihan Lokey, Inc.(c)		3,539		364,022
Indivior PLC—ADR(a)		8,797		163,816
Invesco Ltd.(b)		21,133		448,865
Janus Henderson Group PLC(b)		14,188		476,291
Japan Exchange Group, Inc.—ADR		51,987		487,768
Leju Holdings Ltd.—ADR(a)		40,726		24,016
Lixil Corp.—ADR		21,438		950,347
LPL Financial Holdings, Inc.		12		2,171
Lucid Group, Inc.(a)(c)		14,632		424,035
Macquarie Group Ltd.—ADR		7,710		1,021,190
Moelis & Co.—Class A		8,000		385,680
Morgan Stanley(c)		21,837		1,981,489
NASDAQ, Inc.(c)		3,359		574,893
NIO, Inc.—ADR(a)		12,747		291,141
Nordea Bank Abp—ADR		56,702		629,959
Piper Jaffray Cos.		3,005		444,770

The accompanying notes are an integral part of these financial statements.

61

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Randstad NV—ADR(c)		4,546	$	155,019
Raymond James Financial, Inc.(c)		13,878		1,521,722
S&P Global, Inc.(c)		770		289,289
Sea Ltd.—ADR(a)		2,356		343,034
Secoo Holding Ltd.—ADR(a)		8,288		3,314
Sibanye Stillwater Ltd.—ADR		18,870		360,794
SLM Corp.		33,796		665,781
Societe Generale SA—ADR		310,159		1,764,804
SOFI Technologies, Inc.(a)(c)		13,033		149,228
StepStone Group, Inc.—Class A		8,881		306,661
Stifel Financial Corp.(c)		16,405		1,205,768
T Rowe Price Group, Inc.(c)		2,753		397,974
TechnoPro Holdings, Inc.—ADR		150,810		872,436
Tradeweb Markets, Inc.—Class A		3,401		287,316
Uxin Ltd.—ADR(a)		90,757		93,480
Virtus Investment Partners, Inc.		1,340		322,431
				28,124,741
Specialty Trade Contractors—0.22%
Comfort Systems USA, Inc.(c)		6,566		564,545
EMCOR Group, Inc.		7,314		845,059
NetEase, Inc.—ADR		2,342		223,286
Quanta Services, Inc.		5,373		585,335
QuantumScape Corp.(a)(c)		6,990		112,819
				2,331,044
Sporting Goods, Hobby, Musical Instrument, and Book Stores—0.07%
Camping World Holdings, Inc.—Class A(c)		4,235		130,057
Dick’s Sporting Goods, Inc.(c)		5,676		595,980
				726,037
Support Activities for Agriculture and Forestry—0.15%
Andersons, Inc.		8,508		387,965
Corteva, Inc.		22,842		1,188,469
VEON Ltd.—ADR(a)		39,233		20,217
				1,596,651
Support Activities for Mining—1.11%
BHP Group Ltd.—ADR		12,911		875,237
California Resources Corp.		6,638		273,685
Cleveland-Cliffs, Inc.(a)(c)		20,022		447,692
ConocoPhillips		27,825		2,639,480
Diamondback Energy, Inc.		2,646		365,413
Epiroc AB—ADR(c)		45,519		848,019
Fortescue Metals Group Ltd.—ADR		43,296		1,146,478
Hess Corp.		1,689		170,690
Impala Platinum Holdings Ltd.—ADR		32,357		610,091
Inpex Corp.—ADR		105,361		1,074,682
Rio Tinto PLC—ADR		30,643		2,407,927
Targa Resources Corp.		11,505		752,082
Transocean Ltd.(a)(b)		51,745		183,177
Tullow Oil PLC—ADR(a)		50,158		16,477
Weir Group PLC—ADR		5,739		60,891
				11,872,021

The accompanying notes are an integral part of these financial statements.

62

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Support Activities for Transportation—0.55%
CH Robinson Worldwide, Inc.(c)		4,432	$	428,486
DSV A/S—ADR		9,999		916,308
Expeditors International of Washington, Inc.		19,872		2,053,970
Grupo Aeroportuario del Sureste SAB de CV—ADR		753		162,603
Hub Group, Inc.—Class A (a)		4,471		377,352
JB Hunt Transport Services, Inc.(c)		4,753		964,526
Matson, Inc.		7,110		787,575
XPO Logistics, Inc.(a)		2,945		214,043
				5,904,863
Telecommunications—2.37%
Adyen NV—ADR(a)		39,293		813,758
Bezeq The Israeli Telecommunication Corp. Ltd.—ADR(a)		158,113		1,299,752
Chunghwa Telecom Co. Ltd.—ADR		16,669		743,604
Deutsche Telekom AG—ADR		84,647		1,515,182
Eutelsat Communications SA—ADR		118,126		336,659
Hellenic Telecommunications Organization SA—ADR		6,723		68,776
JOYY, Inc.—ADR(c)		15		694
KDDI Corp.—ADR		137,812		2,233,243
Koninklijke KPN NV—ADR		163,420		550,725
KT Corp.—ADR(a)		111,181		1,466,477
Lumen Technologies, Inc.(c)		83,923		869,442
Magyar Telekom Telecommunications PLC—ADR		35,539		221,230
Meituan—ADR(a)		9,254		411,063
Mobile TeleSystems PJSC—ADR		46,068		253,374
MTN Group Ltd.—ADR(a)		115,840		1,451,475
Nippon Telegraph & Telephone Corp.—ADR		99,918		2,888,630
Nokia Oyj—ADR(a)		238,462		1,275,772
Oxford Industries, Inc.		2,896		255,977
Partner Communications Co. Ltd.—ADR(a)		6,178		48,250
PLDT, Inc.—ADR(c)		13,435		472,778
Renren, Inc.—ADR(a)(c)		7,443		168,956
ResMed, Inc.		2,535		625,511
Rostelecom PJSC—ADR(c)		24,510		108,212
SK Telecom Co. Ltd.—ADR(c)		27,281		683,935
SoftBank Corp.—ADR(c)		62,684		790,452
Tele2 AB—ADR		45,405		299,673
Telecom Italia SpA/Milano—ADR		140,563		591,770
Telecom Italia SpA/Milano—ADR		160,092		653,175
Telefonaktiebolaget LM Ericsson—ADR		39,173		363,525
Telenor ASA—ADR		50,838		753,928
Telephone and Data Systems, Inc.		6,930		120,236
Telkom Indonesia Persero Tbk PT—ADR		48,933		1,453,799
The9 Ltd.—ADR(a)(c)		16,790		66,321
Vodacom Group Ltd.—ADR		22,400		219,072
XL Axiata Tbk PT—ADR		85,559		347,370
Z Holdings Corp.—ADR(c)		11,454		110,875
Ziff Davis, Inc.(a)(c)		4,730		475,838
Zoom Video Communications, Inc.—Class A(a)		2,629		348,605
				25,358,114
Textile Mills—0.03%
Dunxin Financial Holdings Ltd.—ADR(a)(c)		19,549		11,972
National Presto Industries, Inc.(c)		1,024		81,408

The accompanying notes are an integral part of these financial statements.

63

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Teijin Ltd.—ADR		17,098	$	205,261
				298,641
Textile Product Mills—0.07%
Hermes International—ADR		3,244		447,186
Interface, Inc.		12,319		160,763
Kontoor Brands, Inc.		4,021		199,200
				807,149
Transit and Ground Passenger Transportation—0.01%
Uber Technologies, Inc.(a)		756		27,239
Yalla Group Ltd.—ADR(a)		9,202		55,948
				83,187
Transportation Equipment Manufacturing—4.56%
Airbus SE—ADR(a)		36,666		1,161,946
Aisin Corp.—ADR		10,786		391,586
Aptiv PLC(a)(b)		201		26,017
BAE Systems PLC—ADR		40,282		1,563,344
Bayerische Motoren Werke AG—ADR		33,363		1,063,612
BorgWarner, Inc.(c)		22,464		921,249
Brilliance China Automotive Holdings Ltd.—ADR(a)(e)		37,772		173,751
BYD Co. Ltd.—ADR		6,658		413,062
Denso Corp.—ADR		48,910		1,709,405
Embraer SA—ADR(a)		1,351		18,617
Ford Motor Co.		126,172		2,215,580
General Dynamics Corp.		10,670		2,501,581
General Motors Co.(a)		27,286		1,274,802
Great Wall Motor Co. Ltd.—ADR		14,975		309,683
Honda Motor Co. Ltd.—ADR		97,739		2,986,904
Huntington Ingalls Industries, Inc.(c)		2,158		441,095
Isuzu Motors Ltd.—ADR(c)		54,712		741,895
Kawasaki Heavy Industries Ltd.—ADR(c)		26,219		198,137
Lear Corp.(c)		7,306		1,149,526
Leonardo SpA—ADR(a)		51,847		228,645
Lockheed Martin Corp.(c)		1,175		509,715
Mazda Motor Corp.—ADR(a)		3,382		12,480
Mercedes-Benz Group AG—ADR		147,511		2,864,663
Nikola Corp.(a)(c)		4,660		36,814
Niu Technologies—ADR(a)		20,778		258,478
Oshkosh Corp.(c)		5,332		592,065
Raytheon Technologies Corp.		17,925		1,840,898
REV Group, Inc.(c)		11,990		162,105
Shimano, Inc.—ADR		57,437		1,335,985
Subaru Corp.—ADR		21,529		176,538
Suzuki Motor Corp.—ADR		1,293		205,199
Tata Motors Ltd.—ADR(a)		30,262		916,636
Tesla, Inc.(a)		6,888		5,995,522
Textron, Inc.		24,142		1,765,504
Toyota Industries Corp.—ADR		13,441		1,032,874
Toyota Motor Corp.—ADR		54,706		10,008,462
Vitesco Technologies Group AG—ADR(a)		286		2,531
Volvo AB—ADR		58,615		1,118,960
Westinghouse Air Brake Technologies Corp.		5,685		527,682
				48,853,548

The accompanying notes are an integral part of these financial statements.

64

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Truck Transportation—0.29%
ArcBest Corp.(c)		4,621	$	428,274
Knight-Swift Transportation Holdings, Inc.		10,022		545,999
Old Dominion Freight Lines, Inc.		2,472		776,282
Saia, Inc.(a)(c)		1,012		290,677
Schneider National, Inc.—Class B(c)		18,739		489,463
Werner Enterprises, Inc.		13,211		574,150
				3,104,845
Utilities—2.33%
AES Corp.		20,430		433,729
American Electric Power Co., Inc.		1,725		156,371
Avista Corp.(c)		7,541		336,555
CenterPoint Energy, Inc.(c)		22,620		618,657
Centrica PLC—ADR (a)		291,867		1,187,899
Cia Energetica de Minas Gerais—ADR(c)		15,046		49,501
CLP Holdings Ltd.—ADR		161,768		1,654,887
Consolidated Edison, Inc.		7,862		674,324
Constellation Energy Corp.(c)		10,334		475,157
DTE Energy Co.		11,598		1,410,201
Duke Energy Corp.		5,777		580,069
E.ON SE—ADR		162,764		2,203,824
Électricité de France SA—ADR		206,689		361,706
Empresa Distribuidora Y Comercializadora Norte—ADR(a)		401		2,635
Entergy Corp.		1,170		123,096
Evergy, Inc.		29,261		1,826,179
Exelon Corp.		31,004		1,319,530
First Solar, Inc.(a)		3,582		269,689
FirstEnergy Corp.		53,987		2,259,355
Hong Kong & China Gas Co. Ltd.—ADR		521,923		788,104
Kinder Morgan, Inc.(c)		9,031		157,139
MDU Resources Group, Inc.		23,652		633,164
National Fuel Gas Co.(c)		8,558		532,650
NiSource, Inc.		24,734		715,555
NRG Energy, Inc.(c)		11,240		425,322
ONEOK, Inc.(c)		8,357		545,712
PG&E Corp.(a)		23,306		264,989
Portland General Electric Co.		9,016		457,742
Power Assets Holdings Ltd.—ADR		40,850		255,721
PPL Corp.		4,614		120,748
Red Electrica Corp. SA—ADR		35,218		349,010
Southern Co.		13,504		874,654
SSE PLC—ADR		16,805		387,187
Tokyo Gas Co. Ltd.—ADR		65,161		663,665
UGI Corp.(c)		21,055		809,354
Vale SA—ADR		54,491		1,007,539
				24,931,619
Waste Management and Remediation Services—0.35%
Republic Sevices, Inc.		15,261		1,835,593
Veolia Environnement SA—ADR		39,446		1,364,240
Waste Management, Inc.		3,787		546,843
				3,746,676

The accompanying notes are an integral part of these financial statements.

65

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Water Transportation—0.25%
Nippon Yusen KK—ADR(c)		143,041	$	2,703,475
Wood Product Manufacturing—0.33%
Builders FirstSource, Inc.(a)		12,049		896,686
Greif, Inc.—Class A(c)		6,611		380,067
Greif, Inc.—Class B		2,222		126,476
Louisiana-Pacific Corp.(c)		7,870		566,247
Owens Corning(c)		5,867		546,746
Skyline Champion Corp.(a)(c)		3,090		207,772
Trex Co., Inc.(a)(c)		1,760		161,638
UFP Industries, Inc.		8,145		698,434
				3,584,066
Total Common Stocks (Cost $829,148,492)				1,025,240,977
Preferred Stocks—0.22%
Credit Intermediation and Related Activities—0.01%
Bancolombia SA—ADR, 0.689%(d)		4,276		154,919
Management of Companies and Enterprises—0.05%
Porsche Automobil Holding SE—ADR, 2.536%(d)		51,700		512,864
Merchant Wholesalers, Durable Goods—0.11%
Volkswagen AG—ADR, 2.729%(c)(d)		57,038		1,120,796
Oil and Gas Extraction—0.03%
Petroleo Brasileiro SA—ADR, 15.513%(d)		11,571		151,465
Surgutneftegas PJSC—ADR, 26.431%(d)		47,748		140,379
				291,844
Utilities—0.02%
Cia Energetica de Minas Gerais—ADR, 8.384%(d)		97,821		246,509
Cia Paranaense de Energia—ADR, 17.838%(d)		1,319		8,653
				255,162
Total Preferred Stocks (Cost $2,613,663)				2,335,585
Exchange-Traded Funds—0.98%
iShares MSCI EAFE ETF(c)		51,894		3,799,679
Vanguard FTSE Emerging Markets ETF(c)		12,336		589,908
Vanguard Large-Cap ETF(c)		23,999		4,838,917
Vanguard Small-Cap ETF		6,163		1,294,292
Total Exchange-Traded Funds (Cost $10,384,362)				10,522,796
Real Estate Investment Trusts—2.08%
Funds, Trusts, and Other Financial Vehicles—0.01%
Apollo Commercial Real Estate Finance, Inc.		8,628		112,595
Heavy and Civil Engineering Construction—0.06%
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR		38,112		109,610
Paramount Group, Inc.		50,462		564,670
				674,280
Professional, Scientific, and Technical Services—0.04%
Extra Space Storage, Inc.		2,388		449,302
Real Estate—1.70%
AGNC Investment Corp.(c)		16,814		217,069
Annaly Capital Mangement, Inc.(c)		80,357		559,285

The accompanying notes are an integral part of these financial statements.

66

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
AvalonBay Communities, Inc.		741	$	176,795
Brandywine Realty Trust(c)		26,399		351,899
Brixmor Property Group, Inc.		23,482		589,868
Broadstone Net Lease, Inc.(c)		23,581		510,764
Chimera Investment Corp.		26,011		316,554
Cousins Properties, Inc.(c)		10,734		414,654
Empire State Realty Trust, Inc.—Class A		10,617		100,437
Equity Residential		12,704		1,083,651
Franklin Street Properties Corp.(c)		36,164		209,028
Gaming and Leisure Properties, Inc.		10,921		495,923
Highwoods Properties, Inc.(c)		9,495		413,982
Industrial Logistics Properties Trust		11,061		247,435
iStar, Inc.(c)		10,787		270,969
Kimco Realty Corp.(c)		27,626		650,040
LXP Industrial Trust(c)		26,846		415,039
MFA Financial, Inc.		48,477		196,817
Mid-America Apartment Communities, Inc.		9,307		1,904,304
Necessity Retail REIT, Inc.		20,358		143,320
Office Properties Income Trust(c)		15,819		396,266
PotlatchDeltic Corp.(c)		9,223		506,343
Public Storage		507		179,995
Rayonier, Inc.		13,465		534,561
Redwood Trust, Inc.		16,725		173,773
Regency Centers Corp.		27,267		1,796,622
RPT Realty		19,252		249,313
Simon Property Group, Inc.		11,053		1,520,451
SITE Centers Corp.		23,250		361,538
SL Green Realty Corp.		6,601		524,907
Tanger Factory Outlet Centers, Inc.(c)		12,371		206,348
Two Harbors Investment Corp.(c)		22,478		113,739
Urstadt Biddle Properties, Inc.—Class A		13,741		258,743
VICI Properties, Inc.		24,821		693,995
Welltower, Inc.(c)		5,204		433,441
WP Carey, Inc.		12,661		979,961
				18,197,829
Telecommunications—0.03%
Uniti Group, Inc.		27,937		362,343
Warehousing and Storage—0.12%
Iron Mountain, Inc.(c)		24,945		1,226,795
Wood Product Manufacturing—0.12%
Weyerhaeuser Co.		32,535		1,264,961
Total Real Estate Investment Trusts (Cost $20,378,289)				22,288,105
Rights—0.00%
Chemical Manufacturing—0.00%
Cellect Biotechnology CVR(a)(e)		620,000		0
Total Rights (Cost $0)				0
Investments Purchased With Collateral From Securities Lending—21.05%
Money Market Fund—21.05%
Mount Vernon Liquid Assets Portfolio, LLC, 0.120%(f)		225,434,942		225,434,942
Total Investments Purchased With Collateral From Securities Lending (Cost $225,434,942)				225,434,942

The accompanying notes are an integral part of these financial statements.

67

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

February 28, 2022 (Unaudited) (Continued)

	Shares		Value
Short-Term Investments—0.82%
First American Government Obligations Fund, Class X, 0.026%(f)		8,749,274	$	8,749,274
Total Short-Term Investments (Cost $8,749,274)				8,749,274
Total Investments (Cost $1,096,709,022)—120.88%				1,294,571,679
Liabilities in Excess of Other Assets—(20.88)%				(223,620,715	)
Total Net Assets—100.00%			$	1,070,950,964

Percentages are stated as a percent of net assets.

^(a)  Non-income producing security.

^(b)  Foreign issued security.

^(c) All or portion of this security is out on loan as of February 28, 2022. Total value of securities out on loan is $217,568,994.

^(d)  Perpetual preferred stock with no stated maturity.

^(e)  Represents an illiquid security. The total market value of these securities were $173,751, representing 0.02% of net assets.

^(f)  The rate shown represents the seven day yield at February 28, 2022.

	Abbreviations
AB	Aktiebolag is a Swedish term for a stock company.
ADR	American Depositary Receipt
AG	Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.
A/S	An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability.
ASA	Allmennaksjeselskap is a Norwegian term for a stock company.
KGaA	Kommanditgesellschaft auf Aktien is a German term that refers to a Limited Partnership that has shares.
NV	Naamloze Vennootschap is a Dutch term for publicly traded companies.
OYJ	Julkinen osakeyhtio is a Finnish term for publicly-traded companies.
PJSC	An abbreviation used by many countries to signify an open joint-stock company.
PLC	Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
SA	An abbreviation used by many countries to signify a publicly traded company.
SAB de CV	Sociedad Anonima de Capital Variable is a Spanish term for an SA with variable capital.
SE	Societas Europea is a term for a European Public Limited Liability Company.
SpA	Soicieta per Azioni is an Italian term for limited share company.

The accompanying notes are an integral part of these financial statements.

68

PMC Funds

February 28, 2022 (Unaudited)

Statements of Assets and Liabilities
	Core Fixed Income Fund			Diversified Equity Fund
Assets
Investments, at value(1)(2)	$	569,872,826		$	1,294,571,679
Receivables:
Investments sold		2,016,482			—
Dividends and interest		3,591,535			1,918,507
Fund shares sold		687,171			2,015,639
Securities lending		4,085			118,161
Other Assets		24,212			23,744
Total Assets		576,196,311			1,298,647,730
Liabilities
Payables:
Investments purchased		41,427,984			—
Fund shares redeemed		782,709			1,510,082
Collateral on securities loaned		62,887,790			225,434,942
Affiliates		134,739			223,386
Adviser		137,310			443,187
Distributor		11,185			27,067
Accrued expenses and other liabilities		50,831			58,102
Total Liabilities		105,432,548			227,696,766
Net Assets	$	470,763,763		$	1,070,950,964
Net assets consist of:
Paid-in capital	$	484,859,154		$	851,931,548
Total distributable earnings		(14,095,391	)		219,019,416
Net assets	$	470,763,763		$	1,070,950,964
Advisor Class Shares
Net assets		58,027,347			137,950,386
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		3,519,937			4,733,050
Net asset value and redemption price per share	$	16.49		$	29.15
Institutional Class Shares
Net assets		412,736,416			933,000,578
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		25,173,570			32,155,964
Net asset value and redemption price per share	$	16.40		$	29.01
(1) Cost of investments	$	583,935,651		$	1,096,709,022
(2) Includes loaned securities with a value of	$	62,124,037		$	217,568,994

The accompanying notes are an integral part of these financial statements.

69

PMC Funds

For the Six Months Ended February 28, 2022 (Unaudited)

Statements of Operations
	Core Fixed Income Fund			Diversified Equity Fund
Investment Income:
Interest	$	4,941,289		$	1,570
Dividends		4,851			9,490,237	(1)
Securities lending		22,888			747,535
		4,969,028			10,239,342
Expenses:
Investment management fees		1,551,140			2,916,011
Transfer agent fees and expenses		167,555			231,131
Fund accounting fees		112,400			137,355
Fund administration fees		104,681			233,957
Distribution fees—Advisor Class		75,632			184,725
Custody fees		38,613			56,864
Federal and state registration fees		28,153			32,942
Audit and tax fees		20,551			19,730
Reports to shareholders		17,736			22,642
Legal fees		9,347			10,662
Chief Compliance Officer fees		8,688			6,154
Trustees’ fees		4,132			4,132
Insurance fees		2,781			4,261
Other expenses		1,960			6,239
Total expenses before waiver or recoupment		2,143,369			3,866,805
Recoupment or (waivers) by Adviser (Note 4)		(635,915	)		—
Net expenses		1,507,454			3,866,805
Net Investment Income		3,461,574			6,372,537
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(6,582,319	)		(44,776,175	)
Foreign currency translations		—			14
		(6,582,319	)		(44,776,161	)
Net change in unrealized appreciation (depreciation) on:
Investments		(24,929,844	)		(85,328,840	)
Foreign currency translations		—			15
		(24,929,844	)		(85,328,825	)
Net loss on investments and foreign currency		(31,512,163	)		(130,104,986	)
Net Decrease in Net Assets Resulting from Operations	$	(28,050,589	)	$	(123,732,449	)

⁽¹⁾ Net of $794,617 in foreign withholding tax and ADR issuance fees.

The accompanying notes are an integral part of these financial statements.

70

PMC Funds

Statements of Changes in Net Assets
	Core Fixed Income Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net investment income	$	3,461,574		$	7,110,881
Net realized gain (loss) on investments, futures and foreign currency		(6,582,319	)		7,477,962
Net change in unrealized depreciation		(24,929,844	)		(7,198,752	)
Net increase (decrease) in net assets resulting from operations		(28,050,589	)		7,390,091
Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(828,669	)		(4,064,480	)
Net dividends and distributions—Institutional Class		(6,942,508	)		(20,452,703	)
Net decrease in net assets resulting from distributions paid		(7,771,177	)		(24,517,183	)
Fund share transactions:
Shares sold—Advisor Class		3,272,223			4,134,908
Shares issued to holders in reinvestment of dividends—Advisor Class		1,491,948			3,818,627
Shares redeemed—Advisor Class		(6,009,322	)		(62,391,307	)
Shares sold—Institutional Class		42,188,200			179,959,869
Shares issued to holders in reinvestment of dividends—Institutional Class		12,049,084			20,024,965
Shares redeemed—Institutional Class		(27,633,055	)		(53,069,953	)
Net increase in net assets from share transactions		25,359,078			92,477,109
Net increase (decrease) in net assets		(10,462,688	)		75,350,017
Net Assets:
Beginning of period		481,226,451			405,876,434
End of period	$	470,763,763		$	481,226,451
Change in shares outstanding:
Shares sold—Advisor Class		190,261			234,017
Shares issued to holders in reinvestment of dividends—Advisor Class		87,096			215,498
Shares redeemed—Advisor Class		(347,659	)		(3,414,719	)
Shares sold—Institutional Class		2,454,732			10,068,312
Shares issued to holders in reinvestment of dividends—Institutional Class		707,521			1,136,491
Shares redeemed—Institutional Class		(1,622,205	)		(2,983,602	)
Net increase		1,469,746			5,255,997

The accompanying notes are an integral part of these financial statements.

71

PMC Funds

Statements of Changes in Net Assets
	Diversified Equity Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net investment income	$	6,372,537		$	13,959,216
Net realized gain (loss) on investments and foreign currency		(44,776,161	)		119,595,822
Net change in unrealized appreciation (depreciation)		(85,328,825	)		140,721,927
Net increase (decrease) in net assets resulting from operations		(123,732,449	)		274,276,965
Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(2,377,006	)		(1,540,826	)
Net dividends and distributions—Institutional Class		(19,035,860	)		(10,631,418	)
Net decrease in net assets resulting from distributions paid		(21,412,866	)		(12,172,244	)
Fund share transactions:
Shares sold—Advisor Class		4,555,859			4,681,522
Shares issued to holders in reinvestment of dividends—Advisor Class		11,072,585			1,380,271
Shares redeemed—Advisor Class		(13,538,707	)		(125,342,856	)
Shares sold—Institutional Class		86,303,634			231,207,438
Shares issued to holders in reinvestment of dividends—Institutional Class		81,786,080			10,355,065
Shares redeemed—Institutional Class		(56,846,815	)		(180,695,062	)
Net increase (decrease) in net assets from share transactions		113,332,636			(58,413,622	)
Net increase (decrease) in net assets		(31,812,679	)		203,691,099
Net Assets:
Beginning of period		1,102,763,643			899,072,544
End of period	$	1,070,950,964		$	1,102,763,643
Change in shares outstanding:
Shares sold—Advisor Class		141,459			150,813
Shares issued to holders in reinvestment of dividends—Advisor Class		363,274			48,842
Shares redeemed—Advisor Class		(420,155	)		(4,727,688	)
Shares sold—Institutional Class		2,708,496			8,270,058
Shares issued to holders in reinvestment of dividends—Institutional Class		2,696,541			367,722
Shares redeemed—Institutional Class		(1,788,574	)		(6,047,878	)
Net increase (decrease)		3,701,041			(1,938,131	)

The accompanying notes are an integral part of these financial statements.

72

PMC Core Fixed Income Fund—Advisor Class

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year/period	$	17.74		$	18.50		$	17.65		$	16.53		$	17.05		$	17.32
Income from investment operations:
Net investment income(1)		0.11			0.27			0.35			0.42			0.37			0.27
Net realized and unrealized gain (loss)		(0.90	)		0.01			0.92			1.09			(0.61	)		(0.14	)
Total from investment operations		(0.79	)		0.28			1.27			1.51			(0.24	)		0.13
Less distributions paid:
Dividends from net investment income		(0.24	)		(0.33	)		(0.40	)		(0.39	)		(0.28	)		(0.30	)
Distributions from net realized gains		(0.22	)		(0.71	)		(0.02	)		—			0.00	(4)		(0.10	)
Total distributions paid		(0.46	)		(1.04	)		(0.42	)		(0.39	)		(0.28	)		(0.40	)
Net asset value, end of year/period	$	16.49		$	17.74		$	18.50		$	17.65		$	16.53		$	17.05
Total return(2)		-4.67	%		1.53	%		7.39	%		9.37	%		-1.42	%		0.78	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	58,027		$	63,678		$	121,267		$	399,389		$	398,089		$	332,426
Ratio of expenses to average net assets before waiver and reimbursements(3)		1.12	%		1.22	%		1.31	%		1.28	%		1.30	%		1.34	%
Ratio of expenses to average net assets after waiver and reimbursements(3)		0.85	%		0.92	%(6)		1.00	%(5)		1.00	%(5)		1.00	%(5)		1.00	%(5)
Ratio of net investment income to average net assets before waiver and reimbursements(3)		0.96	%		1.22	%		1.72	%		2.22	%		1.91	%		1.29	%
Ratio of net investment income to average net assets after waiver and reimbursements(3)		1.23	%		1.52	%		2.03	%		2.50	%		2.21	%		1.63	%
Portfolio turnover rate(2)		90.0	%		227.0	%		180.7	%		144.3	%		160.1	%		199.9	%

⁽¹⁾  Per share net investment income was calculated using average shares outstanding.

⁽²⁾  Not annualized for periods less than one year.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  Round to less than 0.5 cent per share.

⁽⁵⁾  Reflects expense cap of 0.75% (plus Rule 12b-1 fees of 0.25%).

⁽⁶⁾  Effective January 26, 2021, the expense limitation cap was reduced from 0.75% to 0.60% (plus Rule 12b-1 fees of 0.25%).

The accompanying notes are an integral part of these financial statements.

73

PMC Core Fixed Income Fund—Institutional Class

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019(1)
Net asset value, beginning of year/period	$	17.67		$	18.47		$	17.66		$	17.23
Income from investment operations:
Net investment income(2)		0.12			0.30			0.39			0.07
Net realized and unrealized gain		(0.89	)		0.02			0.92			0.36
Total from investment operations		(0.77	)		0.32			1.31			0.43
Less distributions paid:
Dividends from net investment income		(0.28	)		(0.41	)		(0.48	)		—
Distributions from net realized gains		(0.22	)		(0.71	)		(0.02	)		—
Total distributions paid		(0.50	)		(1.12	)		(0.50	)		—
Net asset value, end of year/period	$	16.40		$	17.67		$	18.47		$	17.66
Total return(3)		-4.55	%		1.77	%		7.65	%		2.50	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	412,736		$	417,548		$	284,610		$	1
Ratio of expenses to average net assets before waiver and reimbursements(4)		0.87	%		0.96	%		1.06	%		0.75	%
Ratio of expenses to average net assets after waiver and reimbursements(4)		0.60	%		0.66	%(6)		0.75	%		0.75	%
Ratio of net investment income to average net assets before waiver and reimbursements(4)		1.21	%		1.42	%		1.87	%		2.33	%
Ratio of net investment income to average net assets after waiver and reimbursements(4)		1.48	%		1.72	%		2.18	%		2.33	%
Portfolio turnover rate(3)		90.0	%		227.0	%		180.7	%		144.3	%(5)

⁽¹⁾  Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾  Per share net investment income was calculated using average shares outstanding.

⁽³⁾  Not annualized for periods less than one year.

⁽⁴⁾  Annualized for periods less than one year.

⁽⁵⁾  Portfolio turnover rates are calculated at the Fund level (not by individual share class).

⁽⁶⁾  Effective January 26, 2021, the expense limitation cap was reduced from 0.75% to 0.60%.

The accompanying notes are an integral part of these financial statements.

74

PMC Diversified Equity Fund—Advisor Class

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year/period	$	33.27		$	25.61		$	23.77		$	28.40		$	26.68		$	23.45
Income (loss) from investment operations:
Net investment income(1)		0.15			0.32			0.29			0.34			0.19			0.17
Net realized and unrealized gain (loss)		(1.51	)		7.61			1.86			(2.21	)		3.08			3.22
Total from investment operations		(1.36	)		7.93			2.15			(1.87	)		3.27			3.39
Less distributions paid:
Dividends from net investment income		(0.53	)		(0.27	)		(0.31	)		(0.17	)		(0.17	)		(0.14	)
Distributions from net realized gains		(2.23	)		—			—			(2.59	)		(1.38	)		(0.02	)
Total distributions paid		(2.76	)		(0.27	)		(0.31	)		(2.76	)		(1.55	)		(0.16	)
Net asset value, end of year/period	$	29.15		$	33.27		$	25.61		$	23.77		$	28.40		$	26.68
Total return(2)		-4.46	%		31.20	%		9.01	%		-5.54	%		12.50	%		14.54	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	137,950		$	154,671		$	235,018		$	818,269		$	844,442		$	650,190
Ratio of expenses to average net assets before waiver, expense reimbursements or recoupment(3)		0.92	%		0.93	%		0.95	%		0.94	%		1.26	%		1.41	%
Ratio of expenses to average net assets after waiver, expense reimbursements or recoupment(3)		0.92	%		0.97	%(4)		0.98	%(4)		0.98	%(4)		1.25	%(5)		1.36	%(6)
Ratio of net investment income to average net assets before waiver, expense reimbursements or recoupment(3)		0.95	%		1.14	%		1.21	%		1.42	%		0.67	%		0.64	%
Ratio of net investment income to average net assets after waiver, expense reimbursements or recoupment(3)		0.95	%		1.10	%		1.18	%		1.38	%		0.68	%		0.69	%
Portfolio turnover rate(2)		24.9	%		72.3	%		55.1	%		111.4	%		104.3	%		139.4	%

⁽¹⁾  Per share net investment income was calculated using average shares outstanding.

⁽²⁾  Not annualized for periods less than one year.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  Reflects expense cap of 0.73% (plus Rule 12b-1 fees of 0.25%).

⁽⁵⁾  Effective June 1, 2018 the expense limitation cap was reduced from 1.35% to 0.98%. This reflects the expense limitation cap of 1.10% from September 1, 2017 through May 31, 2018 (plus Rule 12b-1 fees of 0.25%) and 0.73% from June 1, 2018 through August 31, 2018 (plus Rule 12b-1 fees of 0.25%).

⁽⁶⁾  Effective November 1, 2016 the expense limitation cap was reduced from 1.40% to 1.35% (this includes Rule 12b-1 fees of 0.25%).

The accompanying notes are an integral part of these financial statements.

75

PMC Diversified Equity Fund—Institutional Class

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019(1)
Net asset value, beginning of year/period	$	33.22		$	25.59		$	23.78		$	24.69
Income from investment operations:
Net investment income(2)		0.19			0.42			0.39			0.06
Net realized and unrealized gain (loss)		(1.51	)		7.58			1.84			(0.97	)
Total from investment operations		(1.32	)		8.00			2.23			(0.91	)
Less distributions paid:
Dividends from net investment income		(0.65	)		(0.37	)		(0.42	)		—
Distributions from net realized gains		(2.24	)		—			—			—
Total distributions paid		(2.89	)		(0.37	)		(0.42	)		—
Net asset value, end of year/period	$	29.01		$	33.22		$	25.59		$	23.78
Total return(3)		-4.38	%		31.56	%		9.36	%		-3.69	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	933,001		$	948,092		$	664,055		$	1
Ratio of expenses to average net assets(4)		0.67	%		0.68	%		0.71	%		0.73	%
Ratio of net investment income to average net assets(4)		1.19	%		1.43	%		1.64	%		1.42	%
Portfolio turnover rate(3)		24.9	%		72.3	%		55.1	%		111.4	%(5)

⁽¹⁾  Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾  Per share net investment income was calculated using average shares outstanding.

⁽³⁾  Not annualized for periods less than one year.

⁽⁴⁾  Annualized for periods less than one year.

⁽⁵⁾  Portfolio turnover rates are calculated at the Fund level (not by individual share class).

The accompanying notes are an integral part of these financial statements.

76

PMC FUNDS

Notes to Financial Statements

February 28, 2022 (Unaudited)

(1) Organization

Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each of the PMC Funds (each, a “Fund” and together, the “Funds”) represents a distinct series with its own investment objective and policies within the Trust. The investment objective of the PMC Core Fixed Income Fund (the “Core Fixed Income Fund”) is to provide current income consistent with low volatility of principal. The investment objective of the PMC Diversified Equity Fund (the “Diversified Equity Fund”) is long-term capital appreciation. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The Advisor Class of the Core Fixed Income Fund became effective and commenced operations on September 28, 2007. The Institutional Class of the Core Fixed Income Fund became effective and commenced operations on July 1, 2019. The Advisor Class of the Diversified Equity Fund became effective and commenced operations on August 26, 2009. The Institutional Class of the Diversified Equity Fund became effective and commenced operations on July 1, 2019. The Advisor Class shares are subject to a 0.25% Rule 12b-1 distribution fee. Each class of shares has identical rights and privileges except with respect to distribution fees and voting rights on matters affecting a single class of shares. Envestnet Asset Management, Inc. (the “Adviser”) serves as the Funds’ investment adviser. Neuberger Berman Investment Advisers LLC serves as the Core Fixed Income Fund’s sub-adviser.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.

(2) Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

(a) Investment Valuation

Each security owned by the Funds that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”), is valued at its last sale price on that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the stock is traded.

Fund securities listed on the NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the bid and asked prices on such day or at the latest sale price on the Composite Market (defined as the consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved pricing service (“Pricing Service”)).

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers know to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. Any discount or premium is accreted or amortized using the constant yield method over the life of the security, or where applicable, the first call date of the security.

Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.

Redeemable securities issued by open-end, registered investment companies are valued at the net asset values (“NAVs”) of such companies for purchase and/or redemption orders placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.

77

PMC FUNDS

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February 28, 2022 (Unaudited)

Futures contracts are valued at the last settlement price at the close of trading on the relevant exchange or board of trade. Futures contracts for which reliable market quotations are not readily available shall each be valued at a price, supplied by a Pricing Service approved by the Trust’s Board of Trustees (the “Board”) which is in the opinion of such Pricing Service representative of the market value of such positions at the time of determination of the NAV, it being the opinion of the Board that the valuations supplied by such Pricing Service accurately reflect the fair value of such position.

Forward foreign currency contracts are valued at the mean between the bid and asked prices.

If market quotations are not readily available, any security or other financial instrument is valued at its fair value as determined under fair value pricing procedures approved by the Board. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Board will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate in light of the specific circumstances of each Fund and the quality of prices obtained through application of such procedures by the Trust’s valuation committee.

FASB Accounting Standards Codification, “Fair Value Measurement” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

• Level 1—Quoted prices in active markets for identical securities.

• Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3—Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 28, 2022:

Core Fixed Income Fund    

	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	43,320,284	$	—	$	43,320,284
Corporate Bonds*		—		171,410,649		—		171,410,649
Foreign Corporate Bonds*		—		33,075,873		—		33,075,873
Foreign Government Agency Issues		—		4,090,340		—		4,090,340
Foreign Government Notes/Bonds		—		21,114,126		—		21,114,126
Non-Agency Mortgage Backed Securities		—		24,120,114		—		24,120,114
Agency Mortgage Backed Securities		—		141,162,450		—		141,162,450
U.S. Government Agency Issues		—		2,109,604		—		2,109,604
U.S. Government Notes/Bonds		—		43,958,981		—		43,958,981
U.S. Treasury Bills		—		12,469,529		—		12,469,529
Total Fixed Income Securities		—		496,831,950		—		496,831,950

78

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	568,133	$	—	$	—	$	568,133
Money Market Funds		72,472,743		—		—		72,472,743
Total Investments in Securities	$	73,040,876	$	496,831,950	$	—	$	569,872,826

* For further breakdown by industry, please refer to the Schedule of Investments.    

The Fund did not hold any Level 3 securities during the six months ended February 28, 2022.    

Diversified Equity Fund    

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks*	$	1,017,971,917	$	7,269,060	$	—	$	1,025,240,977
Preferred Stocks*		2,335,585		—		—		2,335,585
Exchange-Traded Funds		10,522,796		—		—		10,522,796
Real Estate Investment Trusts*		22,288,105		—		—		22,288,105
Rights*		—		0		—		0
Total Equity		1,053,118,403		7,269,060		—		1,060,387,463
Money Market Funds		234,184,216		—		—		234,184,216
Total Investments in Securities	$	1,287,302,619	$	7,269,060	$	—	$	1,294,571,679

* For further breakdown by industry, please refer to the Schedule of Investments.    

The Fund did not hold any Level 3 securities during the six months ended February 28, 2022.    

Foreign currencies and other assets denominated in foreign currencies are translated to U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rate as of the close of the New York Stock Exchange (“NYSE”), generally at 4:00 P.M., Eastern time.

The Funds may use certain options, futures and forward foreign currency contracts (collectively, “derivative instruments”) as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of a Fund’s position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions.

Options and futures prices can diverge from the prices of their underlying instruments. Options and futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts.

The Funds did not hold derivative instruments during the six months ended February 28, 2022.

(b) Foreign Securities and Currency

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds isolate the portion of the results of operations from changes in foreign exchange rates on investments from those resulting from changes in market prices of securities held. Reported net realized

79

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds’ investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Funds’ assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

(c) Futures

The Funds may enter into futures contracts traded on domestic exchanges, including stock index futures contracts, as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of a Fund’s position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains and losses. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. As collateral for futures contracts, the Funds are required to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Funds did not enter into any futures contracts during the six months ended February 28, 2022.

The risks inherent in the use of futures contracts include 1) adverse changes in the value of such instruments and 2) the possible absence of a liquid secondary market for any particular instrument at any time. Futures contracts may also expose the Funds to counterparty credit risk. The Funds will not enter into these contracts unless they own either 1) an offsetting position in the securities or 2) the position provides cash and liquid assets with a value marked-to-market daily, sufficient to cover the counter-party’s potential obligations.

(d) Forward Foreign Currency Contracts

The Core Fixed Income Fund might purchase a particular currency or enter into a forward foreign currency contract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase. Alternatively, it might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain from an increase in the value of the currency. When entering into a forward foreign

80

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. The Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Fund did not enter into any forward foreign currency contracts during the six months ended February 28, 2022.

(e) Options

The Core Fixed Income Fund may enter into written call options to hedge against changes in the value of equities. The writing of call options is intended to reduce the volatility of the portfolio and to earn premium income. Written call options expose the Fund to minimal counterparty credit risk since they are exchange traded and the exchange’s clearing house guarantees the options against default. The Fund may also purchase put options to provide protection against adverse price effects from anticipated changes in prices of securities. In addition, the Fund may enter into written put options to hedge against changes in the value of purchased put options.

The Fund may purchase and write call and put options on securities and indices and enter into related closing transactions.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium is deducted from the cost basis of the security purchased. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When purchasing options, the Fund will recognize a realized loss equal to the premium paid to purchase the option, if the option expires unexercised. The difference between the proceeds received on effecting a closing sale transaction and the premium paid will be recognized as a realized gain or loss. If a put option is exercised, the premium paid is deducted from the proceeds on the sale of the underlying security in determining whether the Fund has a realized gain or loss.

(f) Security Loans

When the Funds loan securities held in their portfolios, the Funds receive compensation in the form of fees, or retain a portion of the interest on the investment of any cash received as collateral. The loans are secured by collateral at least equal to: (i) 105% of the market value of the loaned securities that are foreign securities, or 102% of the market value of any other loaned securities, at the time the securities are loaned; and (ii) 100% of the market value of the loaned securities at all times. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.

81

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Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

(g) Federal Income Taxes

The Funds comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), necessary to qualify as a regulated investment company and make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

(h) Distributions to Shareholders

The Funds will distribute net investment income and net realized capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.

(i) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(j) Share Valuation

The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The Funds do not charge a redemption fee, therefore the offering and redemption price per share are equal to a Fund’s net asset value per share.

(k) Allocation of Income, Expenses and Gains/Losses

Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most expenses are allocated by class based on relative net assets. Distribution (Rule 12b-1) fees are expensed at 0.25% of average daily net assets of the Advisor Class shares of the Funds. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typically allocated evenly between the funds of the Trust or other equitable means.

(l) Other

Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on the identified cost basis by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis.

(m) LIBOR Transition

The London Interbank Offered Rate (“LIBOR”) is an interest-rate average calculated from estimates submitted by the leading banks in London. LIBOR represents the rate which banks may obtain short-term borrowings from each other. It is the primary interest rate benchmark for short-term interest rates around the world. The regulator of the LIBOR administrator phased out the use of LIBOR on December 30, 2021 such that the one-week and 2-month

82

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Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

USD LIBOR settings ceased to be published or will no longer be representative. The remaining USD LIBOR settings will cease to be published or will no longer be representative after June 30, 2023. Because the usefulness of LIBOR as a reference rate could deteriorate during the transition from LIBOR to an alternative reference rate, these effects could occur prior to June 30, 2023. The expected discontinuation of LIBOR could have a significant impact on the financial markets, and may present a risk for certain market participants, including the risk that the transition from LIBOR to an alternative interest rate will not be orderly, will occur over various time periods or will have unintended consequences.

(3) Federal Tax Matters

The tax character of distributions paid to shareholders were as follows:

Core Fixed Income Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2021	$	18,061,447	$	6,455,736
Year Ended August 31, 2020		10,530,638		—

Diversified Equity Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2021	$	12,172,244	$	—
Year Ended August 31, 2020		12,556,158		—

As of August 31, 2021, the components of accumulated earnings (losses) for income tax purposes were as follows:

	Core Fixed Income Fund			Diversified Equity Fund
Cost basis of investments for federal income tax purposes	$	576,402,694		$	978,758,589
Gross tax unrealized appreciation	$	13,165,408		$	318,081,714
Gross tax unrealized depreciation		(2,374,355	)		(36,918,824	)
Net tax unrealized appreciation	$	10,791,053		$	281,162,890
Undistributed ordinary income	$	6,748,942		$	14,551,542
Undistributed long-term capital gain		4,186,380			69,775,731
Total distributable earnings	$	10,935,322		$	84,327,273
Other accumulated loss		—			(1,325,432	)
Total accumulated earnings	$	21,726,375		$	364,164,731

The difference between book-basis and tax-basis cost is attributable primarily to the tax deferral of losses on wash sale adjustments.

During the year ended August 31, 2021, short-term capital loss carryovers of $39,586,436 and long-term capital loss carryovers of $8,540,252 were utilized by the Diversified Equity Fund.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2021, the following table shows the reclassifications made:

	Core Fixed Income Fund		Diversified Equity Fund
Total distributable earnings	$	—	$	(9,746	)
Paid In Capital	$	—	$	9,746

83

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2021. Also, the Funds recognized no interest and penalties related to uncertain tax benefits in fiscal year 2021. At August 31, 2021, the fiscal years 2018 through 2021 remain open to examination in the Funds’ major tax jurisdictions.

(4) Investment Adviser

The Trust has entered into an Investment Advisory Agreement (the “Agreement”), on behalf of the Funds, with the Adviser to furnish investment advisory services to the Funds. Under terms of the Agreement, the Trust, on behalf of the Funds, the Adviser is entitled to receive from the Diversified Equity Fund a management fee equal to 0.530% of the Fund’s average daily net assets and is entitled to receive from the Core Fixed Income Fund a management fee equal to 0.65% of the Fund’s average daily net assets if the Fund’s net assets are less than $2,500,000,000; 0.625% if the Fund’s net assets are greater than $2,500,000,000 but less than $5,000,000,000; and 0.60% if the Fund’s assets are greater than $5,000,000,000.

The Adviser has contractually agreed to waive its management fees and/or reimburse other expenses of the Funds’ at least through December 29, 2022 to the extent necessary to ensure that the Funds’ total annual operating expenses (excluding front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connections with any merger or reorganizations, dividends or interest on short positions, acquired fund fees and expenses, or extraordinary expenses such as litigation) do not exceed 0.60% for the Core Fixed Income Fund and 0.73% for the Diversified Equity Fund (the “Expense Limitation Cap”) of each Fund’s average daily net assets.

Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of: (1) the Expense Limitation Cap in place at the time of the waiver or reimbursement or (2) the Expense Limitation Cap in place at the time of recoupment; provided, however, that the Adviser shall only be entitled to recoup such amounts over the following three year period from the date of the waiver or reimbursement.

The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:

	Core Fixed Income Fund		Diversified Equity Fund
August 31, 2022	$	580,344	$	—
August 31, 2023	$	1,245,915	$	—
August 31, 2024	$	1,255,760	$	—
February 28, 2025	$	635,915	$	—

Sub-advisory services are provided to the Core Fixed Income Fund, pursuant to an agreement between the Adviser and Neuberger Berman Investment Advisers LLC (the “Sub-Adviser”). Under the terms of the sub-advisory agreement, the Adviser compensates the Sub-Adviser based on the Fund’s average daily net assets.

(5) Distribution Plan

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), on behalf of the Advisor Class shares of the Funds, which authorizes the Trust to pay Foreside Fund Services, LLC (the “Distributor”), the Funds’ principal distributor, a distribution fee of 0.25% of each Fund’s average

84

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

daily net assets of Advisor Class shares. During the six months ended February 28, 2022, the Funds incurred fees pursuant to the 12b-1 Plan as follows:

Core Fixed Income Fund	$	75,632
Diversified Equity Fund	$	184,725

(6) Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ Administrator under an Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. Fees incurred for the six months ended February 28, 2022, and owed as of February 28, 2022, are as follows:

	Incurred		Owed
Core Fixed Income Fund	$	104,681	$	27,862
Diversified Equity Fund	$	233,957	$	74,188

Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“U.S. Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the six months ended February 28, 2022, and owed as of February 28, 2022 are as follows:

Fund Accounting	Incurred		Owed
Core Fixed Income Fund	$	112,400	$	31,698
Diversified Equity Fund	$	137,355	$	45,285

Transfer Agency	Incurred		Owed
Core Fixed Income Fund	$	167,555	$	59,967
Diversified Equity Fund	$	231,131	$	83,623

Custody	Incurred		Owed
Core Fixed Income Fund	$	38,613	$	12,358
Diversified Equity Fund	$	56,864	$	18,300

The Funds each have an unsecured line of credit with U.S. Bank (see Note 8).

Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and U.S. Bank.

The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 28, 2022, and owed as of February 28, 2022 is as follows:

	Incurred		Owed
Core Fixed Income Fund	$	8,688	$	2,854
Diversified Equity Fund	$	6,154	$	1,990

85

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

(7) Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the six months ended February 28, 2022 are summarized below.

	Core Fixed Income Fund		Diversified Equity Fund
Purchases:
U.S. Government	$	171,131,684	$	—
Other		282,564,178		295,273,764
Total Purchases	$	453,695,862	$	295,273,764
Sales
U.S. Government	$	176,283,143	$	—
Other		272,473,509		270,918,474
Total Sales	$	448,756,652	$	270,918,474

(8) Line of Credit

At February 28, 2022, the Core Fixed Income Fund and Diversified Equity Fund had unsecured lines of credit in the lessor amount of $20,000,000 and $35,000,000, respectively, or 33.33% of the fair value of unencumbered assets of each Fund, as defined, which both mature August 6, 2022. These unsecured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, U.S. Bank. Interest was scheduled to be incurred at the bank’s prime rate of 3.25% from September 1, 2021 through February 28, 2022. During the six months ended February 28, 2022, the Funds did not utilize their respective lines of credit.

(9) Securities Lending

Pursuant to the terms of a securities lending agreement with U.S. Bank, each Fund may lend securities from its portfolio to brokers, dealers and financial institutions in order to increase the return on its portfolio, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by a Fund. During the time securities are on loan, the borrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Adviser considers all relevant facts and circumstances, including the size, creditworthiness and reputation of the broker, dealer or financial institution.

Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Fund.

As of February 28, 2022, the value of the securities on loan and value of collateral received for securities lending were as follows:

	Loaned Securities Value		Value of Cash Collateral		% of Net Assets
Core Fixed Income Fund	$	62,124,037	$	62,887,790		13.20	%
Diversified Equity Fund	$	217,568,994	$	225,434,942		20.32	%

86

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2022 (Unaudited)

The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC. The Schedule of Investments for each Fund includes the particular cash collateral holding as of February 28, 2022. The remaining contractual maturity of all securities lending transactions is overnight and continuous.

The Funds are not subject to a master netting agreement with respect to securities lending; therefore, no additional disclosures regarding netting arrangements are required.

The fee and interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds’ Statements of Operations.

(10) Recent Market Events

U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic and related public health crisis, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, rising inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. In particular, the global spread of COVID-19 has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Health crises and related political, social and economic disruptions caused by the spread of COVID-19 may also exacerbate other pre-existing political, social and economic risks in certain countries. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

(11) Subsequent Events

The Funds have evaluated events and transactions that have occurred subsequent to February 28, 2022 and determined there were no subsequent events that would require recognition or disclosure in financial statements.

87

Notice of Privacy Policy & Practices

We collect non-public personal information about you from the following sources:

• information we receive about you on applications or other forms;

• information you give us orally; and

• information about your transactions with us or others.

We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your non-public personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

88

PMC FUNDS

Additional Information

(Unaudited)

Tax Information

For the fiscal year ended August 31, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Core Fixed Income Fund	0.00	%
Diversified Equity Fund	100.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2021 was as follows:

Core Fixed Income Fund	0.00	%
Diversified Equity Fund	61.52	%

For the fiscal year ended August 31, 2021, taxable ordinary income distributions are designated as short-term capital gain distributions under Section 871(k)(2)(c) of the Code for the Funds as follows:

Core Fixed Income Fund	51.76	%
Diversified Equity Fund	0.00	%

Indemnification

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Information about Trustees

The business and affairs of the Trust are managed under the direction of the Trust’s Board of Trustees. Information pertaining to the Trustees of the Trust is set forth below. The Funds’ Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling (866) PMC-7338.

Results of Shareholder Meeting

A Special Joint Meeting of Shareholders (the “Meeting”) took place on April 6, 2022. The Meeting was held for all series in the Trust. All Trust shareholders of record, in the aggregate across all series of the Trust, were entitled to attend or submit proxies. As of the record date, February 7, 2022, the Trust had 534,673,511 shares outstanding. The results of the voting for the proposals were as follows:

Proposal 1: To approve the election of four Trustees to the Board of Trustees of the Trust to serve until his or her successor is elected and qualified.

	For Votes		Votes Withheld		Broker Non-Vote
Vincent P. Lyles		465,453,094		2,962,687		15,025,189
Erik K. Olstein		465,703,874		2,711,906		15,025,189
Lisa Zúñiga Ramĺrez		465,728,682		2,662,552		15,025,189
Gregory M. Wesley		465,394,219		2,984,741		15,025,189

89

PMC Funds

Additional Information (Continued)

(Unaudited)

Accordingly, effective April 6, 2022, the Board of Trustees of Trust for Professional Managers consists of the following individuals, each of whom have been elected by shareholders:

Michael D. Akers, Independent Trustee

Gary A. Drska, Independent Trustee

Vincent P. Lyles, Independent Trustee

Erik K. Olstein, Independent Trustee

Lisa Zúñiga Ramĺrez, Independent Trustee

Gregory M. Wesley, Independent Trustee

Joseph C. Neuberger, Interested Trustee

Proposal 2: To approve one or more adjournments of the Meeting to a later date to solicit additional proxies.

For Votes		Votes Against		Votes Abstained
	476,848,750		2,932,139		3,647,484

Independent Trustees

Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by  Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Michael D. Akers, Ph.D. 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1955	Trustee	Indefinite Term; Since August 22, 2001	24	Professor Emeritus, Department of Accounting (June 2019-present), Professor, Department of Accounting (2004-2019), Chair, Department of Accounting (2004-2017), Marquette University.	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).
Gary A. Drska 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1956	Trustee	Indefinite Term; Since August 22, 2001	24	Retired; Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-2021).	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).
Interested Trustee and Officers
Joseph C. Neuberger* 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1962	Chairperson and Trustee	Indefinite Term; Since August 22, 2001	24	President (2017-present), Chief Operating Officer (2016-2020), Executive Vice President (1994-2017), U.S. Bancorp Fund Services, LLC.	Trustee, Buffalo Funds (an open-end investment company) (2003-2017); Trustee, USA MUTUALS (an open-end investment company) (2001-2018).
John P. Buckel 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1957	President and Principal Executive Officer	Indefinite Term; Since January 24, 2013	N/A	Vice President, U.S. Bancorp Fund Services, LLC (2004-present).	N/A
Jennifer A. Lima 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1974	Vice President, Treasurer and Principal Financial and Accounting Officer	Indefinite Term; Since January 24, 2013	N/A	Vice President, U.S. Bancorp Fund Services, LLC (2002-present).	N/A

* Mr. Neuberger is deemed to be an “interested person” of the Trust as defined by the 1940 Act due to his position and material business relationship with the Trust.

90

PMC Funds

Additional Information (Continued)

(Unaudited)

Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by  Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Deanna B. Marotz 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1965	Chief Compliance Officer, Vice President and Anti-Money Laundering Officer	Indefinite Term; Since October 21, 2021	N/A	Senior Vice President, U.S. Bancorp Fund Services, LLC (2021-present); Chief Compliance Officer of Keeley-Teton Advisors, LLC and Teton Advisors, Inc. (2017-2021); Chief Compliance Officer of Keeley Asset Management Corp. (2015-2017).	N/A
Jay S. Fitton 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1970	Secretary	Indefinite Term; Since July 22, 2019	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2019-present); Partner, Practus, LLP (2018-2019); Counsel, Drinker Biddle & Reath LLP (2016-2018).	N/A
Kelly A. Strauss 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1987	Assistant Treasurer	Indefinite Term; Since April 23, 2015	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011-present).	N/A
Melissa Aguinaga 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1987	Assistant Treasurer	Indefinite Term; Since July 1, 2015	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2010-present).	N/A
Laura Carroll 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1985	Assistant Treasurer	Indefinite Term; Since August 20, 2018	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2007-present).	N/A

91

A NOTE ON FORWARD LOOKING STATEMENTS

Except for historical information contained in this report for the Funds, the matters discussed in this report may constitute forward-looking statements made pursuant to the safe-harbor provisions of the Securities Litigation Reform Act of 1995. These include any Adviser, Sub-adviser or portfolio manager predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Funds in the current Prospectus, other factors bearing on this report include the accuracy of the Adviser’s, sub-adviser’s or portfolio manager’s forecasts and predictions, and the appropriateness of the investment programs designed by the Adviser, sub-adviser or portfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with the Funds.

ADDITIONAL INFORMATION

The Funds have adopted proxy voting policies and procedures that delegate to the Adviser the authority to vote proxies. A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at (866) PMC-7338. A description of these policies and procedures is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.

The Funds’ proxy voting record for the most recent 12-month period ended June 30 is available without charge, either upon request by calling the Funds toll free at (866) PMC-7338 or by accessing the SEC’s website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. Shareholders may view the Funds’ filings on the SEC’s website at http://www.sec.gov.

HOUSEHOLDING

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and certain other shareholder documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at (866) PMC-7338 to request individual copies of these documents. Once the Funds receive notice to stop householding, we will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

PMC FUNDS

Investment Adviser	Envestnet Asset Management, Inc. 35 E. Wacker Drive, Suite 2400 Chicago, IL 60601
Legal Counsel	Godfrey & Kahn, S.C. 833 East Michigan Street, Suite 1800 Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm	Deloitte & Touche LLP 111 South Wacker Drive Chicago, Illinois 60606
Transfer Agent, Fund Accountant and Fund Administrator	U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202
Custodian	U.S. Bank, N.A. Custody Operations 1555 North RiverCenter Drive Suite 302 Milwaukee, Wisconsin 53212
Distributor	Foreside Fund Services, LLC 3 Canal Plaza, Suite 100 Portland, Maine 04101

This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.

(b) Not applicable for this Registrant.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filed on November  9, 2009.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Trust for Professional Managers
By (Signature and Title) *	/s/ John Buckel
	John Buckel, President
Date 4/29/2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ John Buckel
	John Buckel, President
Date 4/29/2022

By (Signature and Title)*	/s/ Jennifer Lima
	Jennifer Lima, Treasurer
Date 4/29/2022

* Print the name and title of each signing officer under his or her signature.

3